Shiba Inu Continues to Face Bearish Market Conditions
Shiba Inu, the popular meme coin, is struggling in the current market as bearish tendencies dominate. While Bitcoin and Ethereum have seen positive movement, Shiba Inu is experiencing losses across its hourly, daily, and weekly charts, indicating high selling pressure and bears taking control.
One contributing factor to the bearish trend is the significant drop in the SHIB burn rate. The Shiba Inu burn tracking website, Shibburn, reports a 44.45% decrease in the number of tokens burned in the last day, suggesting a decline in interest in burning tokens and reducing circulating supply.
Over the past week, the burn rate has not fared well either. Only 421.33 million tokens were burned, indicating an 8.91% drop from the prior week’s numbers.
Uncertainty Looms for Shiba Inu
Despite no indications of significant selling among Shiba Inu investors, there is a lack of bullish activity as well. Large transactions over the past 7 days have been on the decline, potentially causing the price to trade sideways for the rest of the week.
Furthermore, with only 9% of SHIB holders currently in profit, investors may choose to hold onto their positions in hopes of better prices. This trend could result in decreased selling pressure, allowing the price to rise if demand surpasses supply.
Currently, SHIB is priced at $0.000007262, with its daily trading volume experiencing an 18% increase. However, this increase in volume could have bearish implications for the price.
Sources:
- NewsBTC
- Bitcoinist
- Bitcoinist
- Bitcoinist
- Bitcoinist
- Shibburn
- IntoTheBlock
- CoinMarketCap
- Tradingview.com
Featured image from Analytics Insight, chart from Tradingview.com
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About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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