In a thrilling plot twist, Shiba Inu, the self-proclaimed Dogecoin killer, curated a tidal wave of speculations among crypto market traders and investors globally following a significant plunge in its price in the past few days. This plunge in SHIB’s price surfaced along with a weekly dip recorded in the SHIB burn rate, giving rise to a bearish sentiment for the meme coin across the broader crypto market.
Shiba Inu, the meme-based cryptocurrency, echoed a sense of frenzy across the crypto horizon over the past month as its price rallied remarkably, coming in tandem with the broader uptrend witnessed by a meme coin rally. However, with its recent plunge below the $0.00003 level, the token risks falling below its support level of $0.00002 as market dynamics paint a bearish portrait for SHIB.
Shiba Inu Burn: A Closer Look
According to the insights revealed by the meme coin’s burn tracker Shibburn, despite the Shiba crypto community registering the incineration of over 339 million tokens in the past week, SHIB’s weekly burn dipped 58.96%. This drop mirrored SHIB’s weekly plunge, as even price slipped 7.60%.
Meanwhile, the meme coin’s community appears to have continued burning colossal amounts of SHIB over the past week, as reported by CoinGpae Media. However, this contrasts with SHIB’s current witnessed price action, as the coin took a bearish turn.
On the other hand, intriguingly, the SHIB burn rate recorded over the past 24 hours mirrored a roughly 100% surge, with 33 million coins incinerated. Nonetheless, the broader market remained bearish on the meme coin, as market charts illustrated bears taking control.
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Shiba Inu Price Slips
As of writing, the Shiba Inu token’s price noted a drop of 0.06% over the past 24 hours and is currently trading at $0.00002715. Although the token’s charts showcased a gradual upward momentum for the meme coin as of press time, potential due to today’s burn upswing, market dynamics continued fueling speculations.
Looking at the broader trend for SHIB in the market, coupled with a weekly plunge of nearly 7%, market data illustrates further falls for SHIB potentially looms. Derivatives data showcased a 1.61% drop in SHIB’s open interest, whereas volume dropped 4.41%. This hinted at a plunge in new money entering the market, along with a reduction in market activity, adding to Shiba Inu’s bearishness.
Meanwhile, the OI-weighted funding rate also continued to fall, reaching $0.0198%, further mirroring bearishness on SHIB as it signaled a significant decrease in investor sentiment toward taking longer positions.
The RSI hovering at 53 further hinted at neither an overbought nor an oversold region for the token. However, coupled with the downtrend observed in the past week and the drop in OI and volume, a potential for further price declines persists with a weakening market momentum witnessed following a meme coin rally.
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The post Shiba Inu Weekly Burn Dips 60%, SHIB To Break Below Support? appeared first on CoinGape.
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