Shiba Inu enters the doghouse as whales bail, burn rate slows:
Shiba Inu is nearing a local technical bear market after falling by over 17% from its highest point this month.
Shiba Inu shib-1.25%Shiba Inu was trading at $0.000014 on Sunday, with its 24-hour volume dwindling to $158 million. This volume is much lower than that of other popular meme coins like Dogecoin (DOGE), Pepe pepe-6.14%Pepe, Official Trump trump-2.53%Official Trump, and Bonk bonk-8.71%Bonk.
The underperformance is happening because of the ongoing whale and mart money selling and falling burn rate.
ShibBurn data shows that the daily burn rate crashed by 85% to 2.14 million. Its weekly burn rate also dropped, with the biggest burn transaction being 23.5 million on Thursday.
Shiba Inu price often does well when more tokens are being burned, as this reduces the number in circulation and boosts confidence among holders. Over 410 trillion tokens have been burned from the initial supply.
Another data by Nansen shows that smart money investors have also sold their SHIB tokens. They now hold 14.13 billion tokens, down from 14.53 billion on April 8.
This cup has a depth of about 40%. Therefore, measuring the same distance from its upper side brings the target at $0.00002443. This is a notable target since it coincides with the highest point in January.