|

Shiba Inu price remains under pressure despite major SHIB burn last week

  • Shiba Inu price could plummet further as the Dogecoin-killer consistently posts losses. 
  • 103.8 million Shiba Inu tokens were burned over the past week, reducing the meme coin's circulating supply.
  • Analysts note that Shiba Inu price remains under its 50-day Exponential Moving Average, indicating selling pressure. 

Shiba Inu price (SHIB) remains under consistent selling pressure, and the meme coin is posting losses. The number of Shiba Inu tokens burned has increased consistently, reducing the circulating supply of the Dogecoin-killer. 

Shiba Inu price struggles to recover from drop

Shiba Inu price has posted losses consistently over the past week. The meme coin's price plunged 6.5% over the past week and is in a downtrend currently. There was a spike in the number of Shiba Inu tokens burned in an effort to reduce the meme coin's supply in circulation. Historically, a reduction in supply fuels a price rally in the meme coin. 

Based on data from Shibburn, nearly 104 million SHIB tokens were destroyed over the last seven days. These tokens were sent to inferno or burn addresses, permanently removing them from the supply across exchanges or those held by traders. 

Over 103.8 million Shiba Inu tokens were sent to wallets, pulling them out of circulation. The Shiba Inu community made the transfer in 58 transactions. In 24 hours, the Shiba Inu tokens were removed from the circulating supply. 

The burn rate of the meme coin is now 12.53%, and the circulating supply has shrunk to 54 trillion. 

FXStreet analysts have evaluated the Shiba Inu price trend and predicted a rise in the selling pressure on the meme coin. Analysts note that Shiba Inu price failed to break above the 55-day Exponential Moving Average, and the downward pressure on the Dogecoin-killer has increased. 

Shiba Inu price may find its next support at its January 2022 low, and indicators point toward a bearish narrative for the meme coin.

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

More from Ekta Mourya
Share:

Editor's Picks

Ripple eyes $1.50 breakout despite softening on-chain activity

XRP remains elevated near $1.45 after a sharp spike from the weekly low of $1.31. XRP retains a neutral-to-bullish technical outlook, supported by the RSI and uptrending moving averages.

Zcash Price Forecast: Rally hits nine-year high above $1,000 amid growing shielded demand

Zcash trades above $1,000 on Friday, building on its 16% gain from the previous day. On-chain data show a steady increase in shielded supply to 4.86 million ZEC tokens, pointing to growing demand for privacy.

Crypto’s $638 million buyback boom may not be as bullish as it looks

Decentralized Finance (DeFi) protocols reportedly spent $638 million to buy back their native tokens in August, up 17% from a year earlier. On the surface, the buyback trend suggests the cryptocurrency industry is maturing fast.

Crypto Today: Bitcoin, Ethereum, XRP recovery takes a breather amid capital inflows

Bitcoin corrects lower toward $80,000 after testing highs at $81,269, supported by $731 million in ETF inflows. Ethereum bulls push to regain momentum, with $2,500 providing immediate support.

Bitcoin: Gearing up for a sharp move
Bitcoin (BTC) is trading around $81,000 on Friday, up over 4% so far this week, and awaits a key catalyst that could determine its next directional move. Strong institutional demand is supporting the bullish price action, with spot BTC Exchange Traded Funds (ETFs) on track to record a third straight week of inflows.