Shiba Inu Faces Bearish Start to the Week
As the new trading week begins, Shiba Inu (SHIB) is experiencing a bearish trend while other cryptocurrencies like Bitcoin and Ethereum are seeing positive movement. SHIB is facing losses across its hourly, daily, and weekly charts, indicating high selling pressure and dominance by bears.
Declining SHIB Burn Rate
The bearish trend is compounded by a significant drop in the SHIB burn rate. Data from the Shiba Inu burn tracking website Shibburn shows that only around 30.67 million tokens were burned in the last day, a 44.45% decrease from the previous day. This suggests a decline in interest in burning tokens and fewer tokens being taken out of circulation.
Furthermore, the burn rate from the past week is also not faring well, with only 421.33 million tokens burned, an 8.91% drop from the previous week.
Will SHIB Continue to Struggle?
Despite no indications of large selling among Shiba Inu investors, large transactions over $100,000 have been decreasing in the past seven days. This doesn’t necessarily indicate bullish activity but rather suggests that SHIB may continue to trade sideways for the rest of the week.
Additionally, with only 9% of SHIB holders currently in profit, investors may choose to hold their positions and wait for better prices. This could result in decreased selling pressure and a potential price increase if demand surpasses supply.
Currently priced at $0.000007262 with an 18% increase in daily trading volume, SHIB’s price movement remains uncertain.
Hot Take: Shiba Inu Struggles as Bears Dominate
Shiba Inu (SHIB) is facing a challenging start to the week, with a bearish trend and declining burn rate. Despite no major selling among investors, large transactions have decreased, suggesting sideways trading in the near future. With only 9% of SHIB holders in profit, investors may choose to hold their positions and wait for better prices. However, the increased trading volume could further impact the price. As SHIB continues to face bear dominance, its performance remains uncertain in the crypto market.
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