SHIB Price Struggles Despite 31.5M Tokens Burned, What’s Next?
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Shiba Inu (SHIB), the world’s second-largest meme coin, is poised for a price recovery due to bullish price action and an impressive 24-hour burn rate. Data from the SHIB burn tracker recently revealed in a post on X (formerly Twitter) that the meme coin’s burn rate has surged by a staggering 4,137.17%, with 31,556,987 SHIB tokens burned in the past 24 hours.
HOURLY SHIB UPDATE$SHIB Price: $0.00001441 (1hr 0.69% ▲ | 24hr 2.04% ▲ )
Market Cap: $8,501,425,207 (2.06% ▲)
Total Supply: 589,255,346,351,380
TOKENS BURNT
Past 24Hrs: 31,556,987 (4137.17% ▲)
Past 7 Days: 142,062,714 (50.8% ▲)
This significant surge in the burn rate has drawn considerable attention from crypto enthusiasts, as it could help reduce supply and drive further price momentum. SHIB is currently trading near $0.0000143 and has recorded a modest price increase of over 0.50% in the past 24 hours. However, the meme coin has lost more than 22% of its value over the past 30 days.
SHIB Price Action and Upcoming LevelWith this significant price drop, SHIB has recently retested a crucial support level at $0.000013, which has historically acted as a rebound zone. According to expert technical analysis, SHIB appears bearish and could decline by 20% in the coming days. This bearish outlook is driven by the prevailing negative market sentiment and the formation of a doji candle at the $0.000015 resistance level.
Source: TradingView
Amid the bearish price action, traders appear to be losing interest, seemingly abandoning SHIB trading. Data from on-chain analytics firm Coinglass reveals that SHIB’s futures open interest (OI) has dropped by $531 million to $151 million, with this number continuing to decline.
Source: Coinglass
Major Liquidation Areas
At press time, the major liquidation areas are at $0.00001413 on the lower side and $0.000015 on the upper side, with traders over-leveraged at these levels.
Source: Coinglass
If market sentiment remains unchanged and the price drops to the $0.00001413 mark, nearly $350K worth of long positions will be liquidated. Conversely, if sentiment shifts and the price rises to the $0.000015 mark, nearly $750K worth of short positions will be liquidated.
These on-chain metrics reveal that active traders are currently bearish on SHIB, believing that the meme coin’s price won’t cross the $0.000015 mark anytime soon.