Burning SHIB: 24-Hour Analysis, Market Trends

In the past 24 hours, Shiba Inu (SHIB) has attained a burn rate of over 75%, according to a recent announcement.

Compared to data from Shibburn, this confirmed information indicates that 49 million SHIB tokens have been incinerated or sent to unrecoverable wallets.

Despite the injuries and rising Shiba Inu incidence rates, the SHIB price appears stable. Additionally, it seems to be approaching the crucial support level of $0.0000070. This price stagnation reflects Bitcoin (BTC) and the state of the market.

In addition, negative momentum dominated the SHIB market over the past twenty-four hours. The highest and lowest prices in Shiba Inu were, respectively, $0.00000727 and $0.000007194.

At the time of writing, SHIB was trading at $0.00000719, a decrease of 0.51% compared to its previous price.

This decline indicated that sellers were in control of the market. This price decline may reflect investor confidence and demand for SHIB investments, which could create an apprehensive environment among traders.

According to the analysis on SHIB, the price is currently trading within a range. Given the current circumstances, it would not be incorrect to assert that there is no imminent escape.

Despite Bitcoin price fluctuations that exceeded $28,000, this was not reflected in the SHIB price.

In addition, the volume of SHIB tokens traded has not changed significantly since September. This indicates that traders and investors are approaching SHIB with caution.

The Chaikin Money Flow (CMF) value was -0.05, indicating that SHIB tokens were experiencing downward price movement and selling pressure.

This trend shows that selling has replaced purchasing in the market, which could result in a price decline.

The falling Money Flow Index (MFI) score of 48.39 is another indicator that supports the selling pressure on the SHIB coin.