Shiba Inu remains a fan favorite after its massive run back in 2021. However, the meme coin has been having a tough go of it especially as the bears have continued to dominate the market. This time around, SHIB’s price is opening the new week on a rather bearish note that could set a negative tone for the rest of the week.
Shiba Inu Succumbs To Bears
As the market ushers in the new trading week, some cryptocurrencies such as Bitcoin and Ethereum have seen positive movement. However, this positive movement has not rubbed off on the Shiba Inu meme coin which is showing very bearish tendencies at this time.
The SHIB token is still seeing losses across its hourly, daily, and weekly charts, despite minor gains being recorded by so many other large caps. This would suggest high selling pressure for the cryptocurrency coming out of the weekend and leading to bears taking control.
The current bearish trend is further made worse by the fact that there has been a significant drop in the SHIB burn rate over the last day. According to the Shiba Inu burn tracking website Shibburn, only around 30.67 million tokens have been burned in the last day, a 44.45% drop from the prior day’s figures. This could suggest a dwindling interest in burning leading to the amount of tokens being taken out of circulation much lower.
Burn rate falls 44% in 24 hours | Source: Shibburn
Shibburn’s data also shows that the burn rate from the last week is not faring well either. With only 421.33 million tokens burned in the 7-day period, it translates to an 8.91% drop from the prior week’s numbers as well.
HOURLY SHIB UPDATE$SHIB Price: $0.00000735 (1hr 0.60% ▲ | 24hr 0.63% ▲ )Market Cap: $4,328,852,038 (0.41% ▲)Total Supply: 589,340,789,779,606
TOKENS BURNTPast 24Hrs: 28,444,308 (-48.59% ▼)Past 7 Days: 421,335,229 (-8.91% ▼)
— Shibburn (@shibburn) September 18, 2023
Will SHIB Suffer For The Rest Of The Week?
There have been no indications of large selling going place among Shiba Inu investors really. Trackers such as Whale Alert which usually flag large transactions going toward centralized exchanges have reported nothing for SHIB over the last few days.
Large transactions (transactions carrying $100,000 or more) over the last 7 days have been on the decline as well. While this points to a decrease in potentially bearish whale transactions, it also does not translate to bullish activity rather. As such, it looks as though SHIB may continue to trade sideways for the better part of the week.
Additionally, with only 9% of SHIB holders currently in profit, investors could be choosing to just sit on their positions and hold out for better prices. Such a trend would translate to decreased selling pressure, in which case, the price could rise if demand ends up surpassing supply on the open market.
SHIB’s price is currently sitting at $0.000007262 after an uneventful weekend. But interestingly, its daily trading volume is up 18% in the last day, according to data from CoinMarketCap, something that could be bearish for the price.
SHIB price holds $0.0000073 | Source: SHIBUSD on Tradingview.com
Featured image from Analytics Insight, chart from Tradingview.com