Shiba Inu (SHIB) Faces Bearish Start to the Week
As the new trading week begins, Shiba Inu is experiencing a bearish trend while other digital currencies like Bitcoin (BTC) and Ethereum (ETH) 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 whole lot of fall in the SHIB burn rate. Data from the Shiba Inu (SHIB) burn tracking website Shibburn shows that only around 30.67 Million tokens were burned in the last day, a 44.45% decrease from the last 24 hours. This suggests a decline in interest in burning tokens and fewer tokens being taken out of circulation.
Furthermore, the burn rate from the last week is likewise not faring well, with only 421.33 Million tokens burned, an 8.91% fall from the previous week.
Will SHIB Continue to Struggle?
Regardless of no signs of large selling between Shiba Inu (SHIB) investors, large transactions over $100,000 have been decreasing in the past 7 days. This doesn’t necessarily indicate positive trend activity but rather implies that SHIB may continue to trade sideways for the rest of the week.
In addition, with only 9% of SHIB holders as of now in profit, investors may choose to hold their positions and wait for better prices. This could result in decreased selling pressure and a probable price increase if demand surpasses supply.
As of now priced at $0.000007262 with an 18% increase in daily volume of trading, SHIB’s price movement remains uncertain.
Hot Take: Shiba Inu (SHIB) Struggles as Bears Dominate
Shiba Inu is facing a challenging start to the week, with a bearish trend and declining burn rate. Regardless of no major selling between 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. Nonetheless, the increased volume of trading could further impact the price. As SHIB continues to face bear dominance, its performance remains uncertain in the cryptocurrency market.
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