Shiba Inu (SHIB) continues to face sellers in the market despite recent positive developments in the token burning mechanism, aimed at reducing supply.
Decrease in SHIB Token Supply
This week, there was a dramatic increase in the daily burn rate of SHIB, which rose by over 112,000%. As a result, more than 116 million tokens have been permanently removed from circulation, aiming to gradually reduce supply and enhance the scarcity of this cryptocurrency.
Positive Aspects and Technical Analysis
Despite overall price pressure, the fundamental indicators surrounding Shiba Inu show strong performance. Recent data indicates wallet growth has reached over 1.5 million unique addresses alongside significant rises in transaction volumes on the Shibarium Layer-2 solution. However, the price of Shiba Inu has dropped about 2% in the last 24 hours and approximately 5% over the week, currently trading at around $0.00001190.
Future of Shiba Inu
From a technical perspective, a notable double bottom pattern appears on the SHIB price chart. If successful, this pattern could lead to a price rise of approximately 20% to $0.000016. However, the significant resistance level at $0.0000122 needs to be overcome first. Currently, the price is fluctuating within a narrow range between $0.00001203 and $0.000012, indicating a consolidation period.
Thus, despite significant changes in token supply and growing positive indicators, Shiba Inu faces challenges in the market in the short term, necessitating careful monitoring of future developments.
