Shiba Inu (SHIB), the second-largest meme coin, has witnessed a massive burn rate surge of 4,137%, with 31,556,987 SHIB tokens burned in the past 24 hours. Despite this impressive reduction in supply, SHIB price remains under pressure, struggling to maintain bullish momentum.
HOURLY SHIB UPDATE$SHIB Price: $0.00001441 (1hr 0.69% ▲ | 24hr 2.04% ▲ )
Market Cap: $8,501,425,207 (2.06% ▲)
Total Supply: 589,255,346,351,380TOKENS BURNT
Past 24Hrs: 31,556,987 (4137.17% ▲)
Past 7 Days: 142,062,714 (50.8% ▲)— Shibburn (@shibburn) February 27, 2025
Shiba Inu Price Performance & Market Trends
Currently, SHIB is trading near $0.0000143, showing a modest 0.50% increase in the past 24 hours. However, the meme coin remains down by over 22% in the past 30 days, reflecting ongoing bearish sentiment in the market.
Key Support and Resistance Levels
SHIB has recently retested a crucial support level at $0.000013, which historically acted as a rebound zone. However, technical indicators suggest a potential 20% decline if bearish momentum continues.
According to technical analysts, SHIB faces strong resistance at $0.000015, where a doji candle formation signals market indecision. If SHIB fails to break this level, traders could see further downside pressure.
Investor Sentiment and Futures Market Data
Market sentiment appears to be weakening, with traders showing declining interest in SHIB. Data from Coinglass indicates that SHIB’s futures open interest (OI) dropped from $531 million to $151 million, signaling reduced speculative activity.
Major Liquidation Areas to Watch
At present, the main liquidation points for SHIB traders are:
- $0.00001413 (Lower Side): If SHIB drops to this level, approximately $350K worth of long positions will be liquidated.
- $0.000015 (Upper Side): A breakout above this level would liquidate nearly $750K worth of short positions.
What’s Next for SHIB?
Despite the high burn rate, SHIB’s price struggles due to bearish sentiment and reduced trading volume. If market conditions remain unchanged, SHIB could face further downside movement. However, a shift in sentiment or a bullish catalyst could push SHIB above key resistance levels, leading to a potential price recovery.
Disclaimer: This article is for informational purposes only and does not constitute financial or legal advice. Cryptocurrency investments carry risks, and readers should conduct their own research before making any decisions.
