Hey everyone! 👋 Ready to find out what's happening with the famous Shiba Inu token? Hold on, because things are hot... but not exactly the price! 🔥
Turns out the Shiba Inu burn rate skyrocketed by a whopping 1900% in just 24 hours! 🤯 This means they're taking a ton of SHIB tokens out of circulation—over 13.5 million went up in smoke! You'd think this would send the price skyrocketing, right? Surprise! The SHIB price is still plummeting, redder than a habanero pepper. 🌶️
Why such a crazy contrast? Well, even though millions were burned, investor confidence is at rock bottom. 🤷♀️ The truth is, the crypto market in general is in bearish mode, and memecoins like SHIB are feeling the pressure a ton.
And here's the catch: While the 24-hour burn was insane, if we look at the weekly burn, it's down almost 20%! That tells us the long-term burn momentum isn't that strong, and that's limiting SHIB's price from really taking off.
To top it all off, SHIB's price fell to $0.00001135, losing over 3.90% in a single day. Its market cap also shrank to $6.66 billion. People are cautious; they don't want to lose their coins! 💸
The graphics don't lie, and things look ugly! 😬
If we get technical, Shiba Inu is trapped in a descending triangle pattern. Imagine an arrow pointing down; that's what the price looks like, with increasingly lower highs, stuck to strong support at $0.0000111. If SHIB breaks through there, watch out! Experts say it could drop as much as 50%, reaching $0.0000054. Seriously bad! 😱
The Relative Strength Index (RSI) is below 40, meaning people are selling relentlessly. And the 50-day simple moving average (SMA) is well above the current price, indicating it needs a massive push to recover. It's kind of uphill! ⛰️
Furthermore, Moving Value to Realized Value (MVRV) shows that many recent buyers are losing money, which doesn't help confidence.
The general atmosphere of the market doesn't help one bit 🌬️
Beyond the charts, the atmosphere in the crypto world is tense. Memecoins have been among the hardest hit as investors look for something safer. SHIB's trading volume is around $127 million, but that demonstrates more uncertainty than confidence.
And it doesn't end there: activity on Shibarium, the Shiba Inu network, also dropped significantly! The total value locked (TVL) fell from $3.14 million to just $1.89 million in six weeks. That's almost 50% less! This means people are losing interest in the entire SHIB ecosystem.
So, while Shiba Inu's burn rate is the talk of the day, it isn't reflected in the price. With so many technical signals against it and waning interest, SHIB investors are going to have to be patient—very patient!—until signs of improvement appear.$SHIB 
