Shiba Inu Remains in Downtrend as Daily Burn Rate Drops 63%
Shiba Inu (SHIB) is in a downtrend despite recovering from lows, trading around $0.000012650 after hitting $0.00001234. The decline in the daily burn rate by 63% impacts deflationary prospects, while trading volume increased by 78%.
The daily burn rate indicates the amount of SHIB tokens permanently removed from circulation. A slower burn rate may hinder SHIB's appeal as a deflationary token. However, on-chain data identifies potential support zones at $0.000012 and $0.000013.
Key Insights
- A significant concentration of tokens is held by investors with a cost basis between $0.000012 and $0.000013, indicating possible price defense.
- Support emerged around $0.00001236, with strong buying volume suggesting accumulation.
- Trading volume spiked to over 14.9 billion, confirming bullish momentum.
- Price stabilization hints at potential consolidation before the next move.
