The cryptocurrency Shiba Inu is facing resistance at the $0.00001190 level, driven by a significant increase in trading volume and market activity.
SHIB Price Analysis
Shiba Inu failed to break the resistance level of $0.00001190 despite a 79% increase in trading volume. The token has recorded a 0.40% intraday drop, but investor activity remains high. The increase in volume is a result of rising interest from traders and significant wallet owners.
Pause in Token Burns
The deflationary model of SHIB has experienced a slowdown as no tokens have been burned in the past 24 hours. This 100% decline in daily burn activity indicates a suspension of both automated and user-initiated burns. However, this does not affect long-term holders, with almost 4.7 trillion SHIB tokens staked.
Decrease in SHIB Futures Interest
Open interest in SHIB futures decreased by 2.93% to reach $60.8 million, indicating a reduction in exposure. Most of this open interest can be attributed to Binance, which holds approximately $41 million, compared to $19.5 million on Bybit. This minor decrease may indicate temporary concerns and should not be interpreted as a change in overall sentiment.
As Shiba Inu continues to hit a critical resistance level at $0.00001190, a breakout in either direction may significantly impact future price movements.
