Shiba Inu Burn Rate Drops 98% as SHIB Price Falls to $0.000012
Shiba Inu (SHIB) dropped 4% on Tuesday, marking a total decline of 6% over two days, reaching $0.000012—its lowest in 13 days. This decline correlates with $255 million in sell-offs from ETH ETFs, affecting liquidity and sentiment within the Ethereum ecosystem.
Key points include:
- On-chain activity for SHIB decreased significantly, with a 98.89% drop in burn rate, totaling only 223,914 SHIB burned in the last 24 hours.
- Falling trading volumes were noted, with spot trading at $206 million, down 50% from $418 million the previous week.
- SHIB's price is now below the 20-day moving average, increasing technical risks for short-term traders.
- Potential support levels are at $0.00001164 and $0.00001100; resistance is seen at $0.000013 and $0.000015.
In contrast, the newly launched Maxi Doge presale gained traction amid SHIB's correction, raising over $1.27 million with a target of $1.53 million. The presale is priced at $0.000253 per token and features staking pools and competitive contests.