Shiba Inu’s Token Burn Frenzy: 17.19M SHIB Burned in 24H, But 7-Day Rate Drops 26.36%

• The daily increase of 1.43% for SHIB does not mask the 28.5% market drop experienced this month.
• SHIB’s daily deflation rate expanded by 22.29% while its weekly burn rate reduced by 26.36% thus weakening the price reduction effect.
• The technical indicators show bearish momentum while the RSI indicator sits at 34.50 indicating low demand before potential oversold levels.

Recent token burn activities resulted in another increase in Shiba Inu (SHIB) circulating supply. Shiba Inu (SHIB) has seen notable price fluctuations.At the time of writing,SHIB was  trading at   $0.00001373. The price has surged by 1.43% today and a decline of 28.5% since the start of the month.

The market cap stands at $8,041,569,961, down 2.21%, indicating a market-wide decrease in valuation. This suggests that despite minor hourly fluctuations, the overall trend remains bearish.

Shiba Inu’s Fiery Comeback: Token Burns Skyrocket Over 22%

The total supply of all SHIB tokens stands at 589.25 trillion yet the burn rate represents a critical factor for observation. The SHIB network burned 17,190,578 tokens during the past 24 hours which represented a 22.29% rise above the daily burn record. The burn volume for SHIB decreased by 26.36% across the last 7 days showing signs that long-term deflationary forces might be weakening.

SHIB’s price movement indicates consolidation, with short-term fluctuations but a downward overall trend. If bullish sentiment increases and trading volume picks up, SHIB could test $0.00001380 – $0.00001400 as an upside target. However, if selling pressure persists, SHIB might drop towards $0.00001340 – $0.00001320, testing new support levels.

SHIB’s Bearish Trend: Weak MACD and RSI Near Oversold

The MACD analysis shows bearish trends because the MACD line sits at -0.00000001 beneath the signal line at -0.00000100 thus indicating low buying activity and minimal bullish momentum.

The current RSI position near 34.50 marks the start of oversold territory although SHIB hasn’t entered a reversal stage. The sustained selling activity could drive SHIB prices toward $0.00001340 – $0.00001350 support areas.Thus, a resurgence in burn activity and strong buying pressure will be needed for a price rebound.