How Low Could Shiba Inu Coin Fall Before Santa Claus Rally?
Highlights
- SHIB burn rate has declined more than 100% in week, raising concerns in the community.
- On-chain data indicates mixed data with Exchange Netflow Total shows high net deposits on exchanges.
- Technical indicatiors shows weakness, with potential drop to $0.000024.
- SHIB price fell 3% today and 13% in a week.
Shiba Inu witnessed retracement after a recent bullish rally to the $0.000034 target. Shiba Inu coin burn rate and addresses have dropped in a week, hinting at a decline in sentiment for further upside. How low will SHIB price fall before a parabolic rally on cup-and-handle pattern completion?
Shiba Inu Coin Burn Rate Slumps
SHIB burn rate declined more than 100% this week, as per burn tracker Shibburn data as of December 14. In the last 24 hours, the burn rate has increased by nearly 425% after a Shiba Inu coin wallet sent 70,605,175 tokens to the burn address, according to Etherscan data.
The Shiba Inu coin community has burned 410.74 trillion tokens from the initial supply. The circulating supply has dropped to 584.01 trillion amid the recent burn rate jump. While the relation between Shiba Inu burn rate and value is complex, the recent rally was supported by a massive increase in SHIB burn. Developer Kaal also burned a significant amount of tokens.
Meanwhile, Shytoshi Kusama has hinted at TREAT token launch and SHIFU coin launch, adding to investor curiosity on the matter.
Shiba Inu On-Chain Data
Shiba Inu coin sentiment for further upside has waned amid a drop in the broader crypto market. This has led to SHIB price fall this week.
The Exchange Netflow Total metric from on-chain data platform CryptoQuant indicates that net deposits on exchanges are high compared to the 7-day average. The deposits on crypto exchanges rose in the last few days, indicating higher selling pressure.
In addition, the number of active addresses fell by 7% in the last 24 hours. The recent decline in SHIB price due to profit booking and whale activity likely triggered negative sentiment.
SHIB Price Looks Weak After Recent Selloff?
SHIB price fell more than 2% in the past 24 hours, with the price currently trading at $0.00002755. The 24-hour low and high are $0.00002741 and $0.0000288, respectively. Furthermore, the trading volume has decreased by 13% in the last 24 hours, indicating a decline in interest among traders.
The technical chart shows weakness amid the change in trend and signals from indicators such as Ichimoku cloud, RSI, and exponential moving averages. SHIB will likely touch the 50-day EMA at $0.0000275.
Moreover, The Fibonacci retracement analysis indicates Shiba Inu price will hit the 0.382 Fib Retracement level. However, the direction depends on trading volume and sentiment in the market as Shiba Inu coin burn rate also dropping. Notably, $0.000024 is the strong support level for the dog-themed meme coin.
- Indian Court Declares XRP as Property in WazirX Hack Case
- Ethereum Supercycle Strengthens as SharpLink Gaming Withdraws $78.3M in ETH
- Trump Tariffs: Secretary Bessent Declares ‘Fantastic’ Trump–Xi Talks, Bitcoin Breaks $113,000
- Will Bitcoin Rally as JPMorgan Tips Fed To End QT at FOMC Meeting?
- White House Crypto Czar Backs Michael Selig as ‘Excellent Choice’ To Lead CFTC
- Analyst Eyes Key Support Retest Before a Rebound for Ethereum Price Amid $93M ETF Outflows and BlackRock Dump
- Bitcoin Price Eyes $120K Ahead of FED’s 98.3% Likelihood to Cut Rates
- PEPE Coin Price Prediction as Weekly Outflows Hit $17M – Is Rebound Ahead?
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
