Shiba Inu (SHIB) Price Struggles Despite 31.5M Tokens Burned
The world’s second largest meme coin (Shiba Inu) (Shib) is expected to recover through bullish price action and an impressive 24-hour burn rate. In a recent article on X (formerly Twitter), data from Shib Burn Tracker showed that Meme Coin’s burn rate surged by an astonishing 4,137.17%, burning 31,556,987 shib tokens in the past 24 hours.
Shibaba inu (shib) price momentum
This huge surge in burn rates has attracted a lot of attention from crypto enthusiasts as it can help reduce supply and drive further price momentum. Shib is currently trading at close to $0.0000143, up more than 0.50% over the past 24 hours. However, in the past 30 days, meme coins have lost more than 22% of their value.
Cut price action and upcoming levels
As prices drop, Shib recently retested a critical level of support at $0.000013, historically serving as the rebounding zone. According to expert technical analysis, Shib appears to be bearish and may drop 20% in the coming days. This bearish outlook is driven by widespread negative market sentiment and DOJI candles formed at a resistance level of $0.000015.
In bearish price action, traders appear to be losing interest and seem to have given up on trades. Data from Chain Analytics Small shop It shows that Shib’s open interest in futures (OI) fell by $531 million to $151 million, a figure that continues to decline.
Main liquidation area
At press time, the main liquidation area on the lower side is $0.00001413 and the upper side is $0.000015, and traders are over-leveraged at these levels.
If market sentiment remains the same and the price falls to a score of 0.00001413, a long position worth nearly $350,000 will be liquidated. Conversely, if sentiment shifts and the price rises to $0.000015, short positions worth nearly $750,000 will be liquidated.
These on-chain indicators suggest that active traders are currently bearish on Shib, and they don’t think the price of Meme Coin will be above $0.000015 anytime soon.
