Shiba Inu (SHIB) Price Struggles Despite 31.5M Tokens Burned
The post Shiba Inu (SHIB) Price Struggles Despite 31.5M Tokens Burned appeared on BitcoinEthereumNews.com.
Shiba Inu (SHIB), the world’s second-largest meme coin, is poised for a price recovery due to bullish price action and an impressive 24-hour burn rate. Data from the SHIB burn tracker recently revealed in a post on X (formerly Twitter) that the meme coin’s burn rate has surged by a staggering 4,137.17%, with 31,556,987 SHIB tokens burned in the past 24 hours. HOURLY SHIB UPDATE$SHIB Price: $0.00001441 (1hr 0.69% ▲ | 24hr 2.04% ▲ )Market Cap: $8,501,425,207 (2.06% ▲)Total Supply: 589,255,346,351,380 TOKENS BURNTPast 24Hrs: 31,556,987 (4137.17% ▲)Past 7 Days: 142,062,714 (50.8% ▲) — Shibburn (@shibburn) February 27, 2025 Shiba Inu (SHIB) Price Momentum This significant surge in the burn rate has drawn considerable attention from crypto enthusiasts, as it could help reduce supply and drive further price momentum. SHIB is currently trading near $0.0000143 and has recorded a modest price increase of over 0.50% in the past 24 hours. However, the meme coin has lost more than 22% of its value over the past 30 days. SHIB Price Action and Upcoming Level With this significant price drop, SHIB has recently retested a crucial support level at $0.000013, which has historically acted as a rebound zone. According to expert technical analysis, SHIB appears bearish and could decline by 20% in the coming days. This bearish outlook is driven by the prevailing negative market sentiment and the formation of a doji candle at the $0.000015 resistance level. Source: TradingView Amid the bearish price action, traders appear to be losing interest, seemingly abandoning SHIB trading. Data from on-chain analytics firm Coinglass reveals that SHIB’s futures open interest (OI) has dropped by $531 million to $151 million, with this number continuing to decline. Source: Coinglass Major Liquidation Areas At press time, the major liquidation areas are at $0.00001413 on the lower side and $0.000015…
Filed under: News - @ February 28, 2025 3:16 am