Shiba Inu (SHIB) has seen a sharp increase in its weekly burn rate, with 128,939,614 tokens removed from circulation over the past seven days—a rise of 11.82%. The past 24 hours tell a different story, with only 21,956,446 SHIB burnt, marking a 27.19% decline compared to the previous day. Despite this supply reduction, SHIB’s price remains under pressure, dropping 7.03% in the past 24 hours to trade at $0.00001341. The meme coin’s market cap has also taken a hit, falling 7.02% to $7.85 billion. With selling pressure mounting, investors are watching closely to see if the recent burn activity can counteract the prevailing bearish sentiment. Shibburn @shibburn · Follow HOURLY SHIB UPDATE $SHIB Price: $0.00001341 (1hr -2.18% ▼ | 24hr -7.03% ▼ )Market Cap: $7,910,250,178 (-7.02% ▼)Total Supply: 589,255,324,394,933TOKENS BURNTPast 24Hrs: 21,956,446 (-27.19% ▼)Past 7 Days: 128,939,614 (11.82% ▲) 9:30 AM · Feb 28, 2025 5 Reply Copy link Read more on Twitter Meanwhile, SHIB’s long-term performance remains uncertain as macroeconomic factors and overall crypto market conditions continue to influence its price trends. SHIB chart by TradingView SHIB faces strong resistance SHIB continues to face resistance at $0.000015, a level that has consistently prevented upward momentum. The latest price action suggests that traders remain cautious, with the token’s 24-hour decline of 7.03% reinforcing concerns about further downside movement. At the same time, SHIB’s total supply remains high at 589.25 trillion tokens, meaning burn events alone may not be enough to trigger significant price appreciation in the short term. On-chain data from Coinglass shows that SHIB futures open interest (OI) has dropped significantly, suggesting that traders are cutting exposure amid heightened volatility. Source: Coinglass With major liquidation areas identified at $0.00001413 on the lower end and $0.000015 on the upper side, market sentiment remains a key factor in determining SHIB’s next move. Source: Coinglass If the price continues to slide and reaches $0.00001413, nearly $350,000 worth of long positions could be liquidated. Conversely, a breakout to $0.000015 could see approximately $750,000 in short positions wiped out. The overall decline in trading volumes further signals a lack of strong buying interest at current levels. Can burn strategy support SHIB? While SHIB’s weekly burn rate has increased, the decline in daily burns raises questions about whether supply reductions alone can support a price rebound. The token’s value has now fallen over 7% in just 24 hours and more than 22% in the past month, showing that broader market trends continue to weigh on its performance. Historically, SHIB has relied on strong community engagement and speculative interest to fuel rallies. The latest pullback suggests that investor enthusiasm is fading, with reduced futures open interest indicating a cautious approach from traders. Without a major catalyst, SHIB may continue to struggle against key resistance levels. If market sentiment does not improve, SHIB could retest its support level at $0.000013, potentially leading to further losses. Meanwhile, traders will be monitoring whether burn activity can regain momentum, as a slowdown in token removals may further limit the chances of a sustained price recovery. The upcoming weeks will be critical in determining whether SHIB can regain traction or if the bearish trend will deepen further. The post Shiba Inu burn rate surges, but SHIB price remains stuck below $0.000015 appeared first on Invezz
