Over the past day, there has been a significant increase in the destruction or removal of Shiba Inu (SHIB) cryptocurrency tokens, with a staggering 951.63% spike observed in the daily burn rate. As per the data from the Shibburn X account, approximately 30,067,245 SHIB tokens have been burned within this timeframe.
Hourly Shiba Inu Report:
Shiba Inu Price: $0.00002205 (decrease by 0.22% in the last hour and a drop of 4.46% over the past 24 hours)
Market Capitalization: Currently at $13,009,105,428, which represents a decrease of 4.57% over the same period.
Total Supply: A staggering 589,256,859,680,246 tokens are in circulation.
Tokens Burned: Over the past 24 hours, 30,067,245 Shiba Inu tokens were destroyed (a significant increase of 951.63%). Additionally, over the last seven days, 90,978,818 tokens have been incinerated (an increase of 41.22%).
— Shibburn (@shibburn) January 19, 2025
Over the past week, a staggering 90,978,818 Shiba Inu coins were destroyed, boosting the weekly burn rate by an impressive 40%. Yet, in contrast to this rise, the value of Shiba Inu has dropped by 8% over the last 24 hours, which indicates that factors other than coin burning might be shaping SHIB’s price movement. At this moment, each SHIB token is trading at $0.00002105.
The decrease in Shiba Inu’s price is due to investors cashing out their profits from the market, causing most meme coins to lose value. Over the past 24 hours, meme coins like Shiba Inu and Dogecoin have dropped by up to 7%, while PEPE coin and WIF have fallen nearly 14% and Floki has lost more than 12%. Interestingly, some meme coins have managed to stay in the positive, even posting substantial increases.
SHIB price takes hit
On Friday, Shiba Inu saw a substantial growth spurt, rising from a bottom of 0.000022 to 0.0000246. The upward trend for SHIB persisted on Saturday, peaking at 0.00002497, but some buyers decided to cash out their gains.
During Saturday’s trading period, a surge in profit-taking caused Shiba Inu to dip down to roughly $0.00002232. Despite this, the bears continued their pressure, leading to further declines in Shiba Inu during Sunday’s session. The cryptocurrency reached its current trading level of around $0.00002033.
If the downward trend persists, it’s anticipated that price support might be found around $0.0000196. This level halted the SHIB price drop on January 13, just before reaching the daily Simple Moving Average (SMA) 200 at $0.00001914. The Daily Relative Strength Index (RSI) has dropped below its midpoint, suggesting a slight advantage for the bearish side.
Looking ahead, if prices increase, bulls may encounter resistance at approximately $0.000025, which is close to the Daily Simple Moving Average (SMA) 50. After this potential hurdle, they could aim for $0.00003 and then $0.000033. Since December 2024, Shiba Inu has been generally stable within its Daily SMA 50 and 200. A break beyond these levels could determine Shiba Inu’s price trend in the coming days. However, it’s possible that Shiba Inu will continue to trade within a range before making its next significant move.
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2025-01-19 17:37