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

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.