The post Shiba Inu (SHIB) Faces Volatility as Burn Rate Declines Sharply appeared on BitcoinEthereumNews.com.

Shiba Inu (SHIB) coin is currently trading at $0.00001568, after experiencing significant volatility. The cryptocurrency saw a sharp dip to $0.000012 in the past 24 hours before recovering to a high of $0.00001622. This price movement reflects a steep drop followed by a strong rebound, indicating heightened market fluctuations and active trading. 1-day SHIB trading chart | Source: coinmarketcap Amid this price decline, key market indicators, including burn rate and open interest (OI), have also dropped sharply. The burn rate has fallen 91.61%, while open interest declined 12.26%, reflecting a decrease in speculative trading activity. Despite these drops, analysts suggest that SHIB is holding a key support level and could be setting up for a recovery. SHIB Price Drop Accompanied by Increased Trading Volume Shiba Inu has seen a sharp price decline, but market activity remains high, with trading volume surging 308% to $1.73 billion. This means that in this situation there is still high participation from the traders even though there was a sell-off. Market analyst Cantonmeow further undertook highlighting that SHIB bounced from its key support level of $0.00001400 and was able to create a dragonfly bullish candle on the weekly chart. Such a pattern implies that the buying pressure may be occurring at the lower levels which mean that buyers are likely to enter the market to counter bearish force. – Advertisement – If SHIB holds above $0.00001400, it could attempt a recovery toward $0.00001900, a key resistance level. But, if the price is not able to hold the support level again, there can be still another downfall in the short-term. SHIB Burn Rate Declines Despite ShibTorch V2 Launch The SHIB burn rate has experienced a sharp decline of 91.61% in the past 24 hours, with only 2,602,610 SHIB burned during this period.This seems to have been…

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Filed under: News - @ February 4, 2025 2:25 am