*SHIB $SHIB Burn Rate Surges 1,900%: Can It Overcome Bearish Pressure?*

The Shiba Inu (SHIB) burn rate has skyrocketed by over 1,900% in the last 24 hours, with more than 13.5 million tokens burned. While this significant increase in token burns might seem like a bullish signal, the price of SHIB continues to show signs of weakness.

*Burn Rate vs. Price Movement*

Despite the surge in burn rate, SHIB's $SHIB price has decreased by 5% in the past 24 hours, trading at $0.0000108. The market capitalization of SHIB has also decreased, now around $6.3 billion, reflecting the cautious sentiment that is still enveloping investors.

*Technical Indicators: A Bearish Outlook*

Technical indicators for Shiba Inu show a bearish trend. The price of Shiba Inu is currently stuck in a descending triangle pattern, a structure that is often bearish, with subsequent peaks continuously lower and supported by a strong support level. If SHIB cannot reclaim the important support zone around $0.0000111, analysts warn that the price could drop as much as 50%, to a new low around $0.0000054.

The Relative Strength Index (RSI) remains below the 40 level, reflecting ongoing selling pressure. Meanwhile, the 50-day Simple Moving Average (SMA) is at $0.000013, significantly higher than SHIB's current price, indicating that the downtrend remains dominant.

*Market Sentiment and On-Chain Factors*

The overall market trend is bearish, and memecoins like SHIB $SHIB are under greater pressure. Investors are gradually shifting towards more stable assets, and the trading volume of SHIB in the last 24 hours reached approximately $127 million, reflecting more market hesitation than confidence.

Additionally, activity on Shibarium, Shiba Inu's Layer 2 network, has also significantly decreased. The Total Value Locked (TVL) has dropped from its May peak of $3.14 million to $1.89 million, nearly a 50% decline in 6 weeks. This suggests that interest in SHIB's expanding ecosystem is waning, which could negatively impact long-term prospects.

*Conclusion*

While the SHIB #burn rate is gaining attention, it has not yet translated into meaningful price increases. With strong pressure from technical analysis and poor on-chain factors, SHIB's price is currently under significant pressure. Investors may need to temper their expectations until clearer recovery signals appear.#StrategyBTCPurchase