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How Low Could Shiba Inu Coin Fall Before Santa Claus Rally?

Shiba Inu Coin burn rate continued to fall amid drop in sentiment and active address. Fib retracement signals fall in SHIB price to $0.000024
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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?

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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.

Source: Shibburn

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.

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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.

Source: CryptoQuant

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.

Source: TradingView
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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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