- Shiba Inu trades above its 20-day SMA, showing reduced momentum with resistance near $0.00001690 and support near $0.00001250.
- Shibburn reports a 106,040% surge in daily burns, while Shibarium surpasses 11 million blocks amid lower transaction volume.
- SHIB’s market cap fell to $8.46B, with 24-hour volume plunging by 41.46%, suggesting diminishing buyer interest after April’s breakout.
Shiba Inu (SHIB) continued to show signs of weakening momentum, with its price down by 4.66% in the past 24 hours. At the time of writing on May 17, SHIB was trading at $0.00001436. Over the past week, the asset fell by 7.40%, although it still held a 19.74% monthly gain.
Its market cap dropped to $8.46 billion, a 4.74% decline. SHIB’s 24 hour trading volume is at $215.73 million, a sharp 41.46% decrease. Despite the price pullback, the total number of holders remain firm at 1.5 million, with circulating supply reaching 589.24 trillion SHIB.
Indicators Point to Diminishing Strength
Technically, SHIB now trades just above its 20 day SMA, which is at $0.00001426. This position suggests price consolidation. The asset recently faced rejection near the upper Bollinger Band at $0.00001690, hinting at fading bullish momentum.
Source: TradingView
The lower band is at $0.00001162, defining the current price range. According to the MVRV Z Score, which now reads 29.34, SHIB may be overvalued in the short term. This reading increases the likelihood of a pullback unless fresh bullish interest returns.
SHIB recorded 579.17 billion tokens in 24 hour volume, which, while still high, has slightly eased since early May. This change points to lower buying enthusiasm following the asset’s earlier breakout. From early April to mid May, SHIB had maintained an upward movement, forming higher lows and highs. However, the current movement near resistance signals hesitation.
Burn Activity and Shibarium Surge
According to Shibburn, 15.33 million SHIB tokens were burnt in the past 24 hours, a 106,040% surge. Over the past week, total burned tokens reached 136.62 million, up by 163.72%.
Meanwhile, Shibarium, the project’s layer-2 blockchain, surpassed 11 million blocks, indicating continued development and use. Data from Shibariumscan confirmed the block count had reached 11,015,436.However, not all metrics are rising.
Daily transactions on the Shibarium network dropped from 4.21 million on May 12 to 2.76 million recently. This decline coincides with the broader crypto market pullback. Still, total transactions on the network have reached over 1.18 billion, while wallet addresses now number over 211.95 million.
Key Levels Hold the Clues Ahead of May 18
SHIB must break above $0.00001460 to attempt a push toward $0.00001580–$0.00001690. Rising volume would support this move. Failure to hold $0.00001420 could lead to further losses. Key support is near $0.00001300–$0.00001250.
