Shibaย Inuย (SHIB) Faces Bearish Start to the Week
As the new trading week begins, Shibaย Inuย is experiencing a bearish trend while other digitalย currencies like Bitcoinย (BTC) and Ethereumย (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 wholeย lotย of fall in the SHIB burn rate. Data from the Shibaย Inuย (SHIB) burn tracking website Shibburn shows that only around 30.67 Million tokens were burned in the last day, a 44.45% decrease from theย lastย 24ย hours. This suggests a decline in interest in burning tokens and fewer tokens being taken out of circulation.
Furthermore, the burn rate from the lastย 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?
Regardlessย of no signsย of large selling between Shibaย Inuย (SHIB) investors, large transactions over $100,000 have been decreasing in the past 7 days. This doesnโt necessarily indicate positiveย trend activity but rather impliesย that SHIB may continue to trade sideways for the rest of the week.
Inย addition, with only 9% of SHIB holders asย ofย 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.
Asย ofย now priced at $0.000007262 with an 18% increase in daily volumeย ofย trading, SHIBโs price movement remains uncertain.
Hot Take: Shibaย Inuย (SHIB) Struggles as Bears Dominate
Shibaย Inuย is facing a challenging start to the week, with a bearish trend and declining burn rate. Regardlessย 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 volumeย ofย trading could further impact the price. As SHIB continuesย to face bear dominance, its performance remains uncertain in the cryptocurrency market.
Bitro Conwell stands as an intellectual architect, weaving together the roles of crypto analyst, meticulous researcher, and editorial virtuoso with finesse. Amidst the digital intricacies of cryptocurrencies, Bitro’s insights resonate harmoniously with seekers of all stripes, showcasing a profound understanding. His ability to untangle the most complex threads within the crypto landscape seamlessly pairs his their editorial finesse, transforming intricacy into an artful tapestry of comprehension.
