Shiba Inu Begins New Week On A Bearish Note As Burn Rate Drops Double-Digits | Bitcoinist.com
The Shiba Inu price is opening the new week on a rather bearish note that could set a negative tone for the rest of the week....
- Shiba Inu (SHIB) is experiencing a bearish trend in the market, while other cryptocurrencies like Bitcoin and Ethereum are seeing positive movement.
- The SHIB token is facing losses across its hourly, daily, and weekly charts, indicating high selling pressure and bear dominance.
- The burn rate of SHIB has dropped significantly, suggesting a decrease in interest in burning and fewer tokens being taken out of circulation.
- Large transactions and whale activity for SHIB have been on the decline, indicating a potential sideways trading pattern for the week.
- Only 9% of SHIB holders are currently in profit, leading to decreased selling pressure and a possibility of price increase if demand exceeds supply.
- SHIB's price is currently at $0.000007262, with an 18% increase in daily trading volume.
The sentiment surrounding Shiba Inu is currently negative due to the bearish trend, high selling pressure, and decrease in burn rate. However, there is potential for a price increase if demand surpasses supply.