- Shiba Inu’s burn rate surged 7,240.75% in 24 hours, removing 1.1B SHIB, potentially influencing supply dynamics and price trends.
- SHIB trades at $0.00001862, down by 10.59% this month, with technical indicators showing weak buying strength but signs of stabilization.
- Support at $0.00001800 and resistance at $0.00002000 define SHIB’s trend, with RSI and MACD movements key to future price direction.
Shiba Inu (SHIB) has seen notable price fluctuations in January, trading at $0.00001862 at the time of writing. The price has declined by 10.59% since the start of the month.
Despite this, market data from Shibburn indicates an increase in the asset’s burn rate, which may influence price. The total SHIB supply is at 589.25 trillion, while its market capitalization is at $10.98 billion, a 0.22% rise.
Shiba Inu Burn Rate Surges
According to Shibburn, SHIB burn activity has significantly increased. In the past 24 hours, 1.1 billion tokens were burned, a 7,240.75% rise. Over the past week, 1.14 billion SHIB tokens have been removed from circulation, up 2,506.34%.
Additionally, 1 billion SHIB were recently transferred to a dead wallet, reducing the available supply.This rise in burn activity alligns with a volatile price trend. Crypto analyst Zach Humphries noted on X that nearly 74% of SHIB holders have retained their positions.
This is over a year, indicating sustained market interest. About 47% of holders are currently in profit. However, potential sell offs from profitable holders may introduce volatility in the near term.
Price Levels and Technical Indicators
SHIB daily trading levels show mixed market conditions. The daily open price is at $0.00001868, with a high of $0.00001887 and a low of $0.00001848.
Trading volume remains moderate at 516.24 billion SHIB.Technical indicators show the ongoing bearish momentum. The RSI is at 38.23, below the neutral level, suggesting weak buying strength.
However, RSI has slightly recovered from lower levels, indicating a possible stabilization. A rise above 40-45 would indicate stronger bullish momentum, while remaining below 40 could suggest continued weakness.The MACD indicator also points to a bearish trend.
The MACD line remains below the signal line, but histogram bars are narrowing, implying a reduction in selling pressure. If the MACD crosses above the signal line, it may indicate a short term recovery.
Market Scenarios
SHIB’s price patterns show a downtrend since December, forming lower highs and lows. Current support is around $0.00001800, with resistance near $0.00002000. A breakout above resistance could indicate a reversal, while a drop below support may extend losses.
If buying pressure increases, SHIB could rise to $0.00001950 – $0.00002100, with a bullish MACD crossover and RSI above 45 supporting upward movement. However, if selling pressure persists, SHIB may decline to $0.00001750 – $0.00001800, with a low RSI and continued bearish MACD confirming this trend.
Monitoring volume, RSI levels, and MACD movements is essential to predict potential trend changes. A breakout above $0.00002000 could strengthen bullish momentum, while failure to hold above $0.00001800 may lead to further downside.
