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Shiba Inu’s burn rate has fallen sharply by over 100%, sparking fears of an imminent SHIB price crash. On-chain data highlights increased exchange deposits and declining trader activity, pointing to mounting selling pressure.
SHIB Burn Rate Declines Sharply Amid Mixed Signals
As of December 14, the burn tracker Shibburn (via Coingape) reported a decrease of almost 100% in the SHIB burn rate. The burn rate has surged by approximately 425% in the past 24 hours, as shown by Etherscan statistics, following the transfer of 70,605,175 tokens to the burn address from a Shiba Inu currency wallet.
Out of the total supply of tokens, the Shiba Inu coin community has spent 410.74 trillion. In light of the recent spike in the burn rate, the circulating supply has fallen to 584.01 trillion.
The latest surge was backed by a large spike in SHIB burn, however the relation between the two is complex. A large number of tokens were also burned by developer Kaal.
Shiba Inu Faces Bearish Sentiment as Optimism Wanes
Investors are already curious about this, and Shytoshi Kusama has added fuel to the fire by hinting to the debut of both the TREAT token and the SHIFU currency.
With the rest of the cryptocurrency market falling, investors' optimism about Shiba Inu coin's future has diminished. Because of this, the price of SHIB has dropped this week.
The net deposits on exchanges are high compared to the 7-day average, according to the Exchange Netflow Total indicator from on-chain data platform CryptoQuant. Increased selling pressure is shown by the recent rise in deposits on cryptocurrency exchanges.
The amount of live IPs has also dropped by 7% in the past day. It is probable that pessimism was sparked by the recent drop in SHIB price, which was caused by profit booking and whale activity.
Technical Indicators Signal Weakness as SHIB Tests Key Support
With a current price of $0.00002755, the Shiba Inu price has dropped almost 2% in the last day. The low point for the past 24 hours was $0.00002741, while the high point was $0.0000288. In addition, there has been a 13% drop in trading volume over the past 24 hours, suggesting that traders are losing interest.
Weakness is visible on the technical chart due to the trend change and signals from indicators like the Ichimoku cloud, the Relative Strength Index (RSI), and the exponential moving averages. At the fifty-day exponential moving average (EMA) of $0.0000275, SHIB is anticipated to make a test.
The 0.382 Fibonacci Retracement level is also predicted by the Shiba Inu price analysis. Since the burn rate for Shiba Inu coins is also decreasing, the direction will rely on market mood and trade volume. The dog-themed meme coin has a solid support level of $0.000024.
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