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.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram