Crypto News-Shibburn, a platform dedicated to meticulously tracking Shiba Inu’s tokenomics, recently reported a rather significant drop in the burn rate, plummeting by 19.74% in the last 24 hours. Impressively, the Shiba Inu community has burned a total of 410,659,181,001,629 tokens from the initial supply in their ongoing efforts to enhance the token’s ecosystem. However, despite these proactive measures, SHIB’s current performance is grappling with a price decline.
Shiba Inu Ecosystem Improvements Fail to Halt 35%+ Slide Since August Peak
SHIB’s price has slipped below a pivotal horizontal support level, currently resting at $0.000007. This dip hints at the possibility of a more extended bearish trend. Both weekly and daily indicators are painting a bearish sentiment, reinforcing the probability of further price drops toward the next closest support level. Since its peak in mid-August, where it reached $0.000011, SHIB has witnessed a substantial decline of over 35%.
At the current trading price of $0.0000072, SHIB’s nearest price support resides at $0.000007, with no prominent resistance levels visible, underscoring the ongoing downward trend.
The future trajectory of Shiba Inu remains uncertain, leaving room for the token to potentially consolidate around its current price range. Despite the highly anticipated Shibarium launch earlier this year, it unfortunately failed to deliver the significant price boost many were hoping for. The persisting bearish sentiment, which has persisted since February, continues to cast a shadow on SHIB’s prospects.