๐ฆ๐๐๐ ๐๐ผ๐น๐ฑ๐ ๐ ๐๐ฟ๐ถ๐๐ถ๐ฐ๐ฎ๐น ๐ฆ๐๐ฝ๐ฝ๐ผ๐ฟ๐ โ ๐๐๐ ๐๐ป๐ผ๐๐ต๐ฒ๐ฟ ๐ฑ๐ฌ% ๐๐ฟ๐ผ๐ฝ ๐๐ผ๐ผ๐บ๐
Despite burning over 12 million SHIB in the last 24 hours, Shiba Inu's price continues to struggle, and analysts now warn of a possible 50% drop ahead.
๐ฅ Burn Rate Surges, But Price Doesnโt React
SHIBโs burn rate jumped 7,200%, removing over 12 million tokens from supply.
But the market didnโt respond โ why? Because demand is weak, and the network fundamentals arenโt backing the burn.
๐ Technical Breakdown: Bearish Signals Everywhere
SHIB is stuck at $0.0000113, a key support level.
Price is forming a descending triangle on the weekly chart โ a bearish pattern that often leads to breakdowns.
If it breaks under $0.0000113, SHIB could drop to $0.0000054, a level not seen in years.
๐ RSI at 39: This shows strong selling pressure and little buying interest.
๐ 50-day SMA at $0.0000169: SHIB is 54% below this level. It must reclaim this zone to show bullish momentum.
๐ If SHIB falls below $0.00001, the psychological damage could be serious โ adding another zero often shakes investor confidence.
๐งฑ Shibarium Activity Falling, TVL Sinks
TVL on Shibarium dropped from $3.14M to $1.89M in just 6 weeks โ a near 50% collapse in user activity.
This further hurts the fundamental value backing SHIB.
๐ Derivatives Market: Traders Are Turning Bearish
Data from Coinglass shows financing rates have dropped to a monthly low, meaning more traders are betting on a price decline.
โ ๏ธ Conclusion: Caution Is Key
SHIBโs recent price action is not just weak โ itโs technically and fundamentally fragile.
Burns arenโt helping without demand. On-chain data and bearish chart patterns all point to further downside unless bulls defend $0.0000113.
If that level fails, expect a steep move to $0.0000054.