Shiba Inu (SHIB), the popular meme coin, is currently facing significant bearish pressure as several key metrics, including burn rate and trading volume, have experienced notable declines. The broader crypto market correction, triggered by Bitcoin’s price drop below $100,000, has further contributed to the downward trend in SHIB’s price.
The recent 61% crash in Shiba Inu’s burn rate over a 72-hour period, coupled with the dip in trading volume below $400 million, suggests waning investor interest and potential for further price declines. While the burn rate has seen a short-term recovery, jumping by 470% in the last 24 hours, the overall trend remains bearish.
Technical indicators, such as Moving Averages (MAs) and the Relative Strength Index (RSI), also point towards a bearish outlook for SHIB. The MAs are currently in the red, while the RSI sits at a neutral level of 31%. On-chain data from IntoTheBlock further confirms the bearish sentiment, with 57% of Shiba Inu holders experiencing losses.
The ongoing trade war between the United States and several other countries has also contributed to the overall market volatility, affecting not only major cryptocurrencies but also meme coins like SHIB. As a result, Shiba Inu’s price has plummeted to new lows around $0.000015, driven by decreased investor confidence and bearish technical indicators.
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Investors and traders should closely monitor the market conditions and exercise caution when considering positions in Shiba Inu, as the current bearish trend may persist in the short term. However, the meme coin’s strong community support and potential for future developments could contribute to a recovery in the longer term.
Tags: Shiba Inu, SHIB, Crypto Market, Bearish Trend, Technical Analysis, Burn Rate, Trading Volume
Source: https://bitcoinist.com/shiba-inu-burn-rate-crashes-61/