Shiba Inu Drops To $0.0000103 Amid Market Pressure
- Shiba Inu (SHIB) fell to about $0.0000103, down 6.36% in 24 hours and 13.6% weekly, with market cap near $6.07 billion.
- Token burns rose sharply in 24 hours but dropped 94.6% over the week, showing mixed supply reduction.
- SHIB trades below key moving averages and support levels, risking further decline unless it breaks resistance at $0.0000116.
- Geopolitical tensions are driving broader crypto sell-offs and pressure on SHIB.
Shiba Inu (SHIB) continues to struggle as its price falls to approximately $0.0000103, down 6.36% in the last 24 hour and 13.62% over the past week. The coin’s market capitalization has dropped to around $6.07 billion.
This decline comes amid a broader downturn in the cryptocurrency market, where major coins like Bitcoin and Ethereum are also experiencing losses. The current market instability is largely driven by escalating geopolitical tensions between Israel and Iran, which have created uncertainty and triggered widespread sell-offs across the crypto space.
SHIB Token Burn Activity Shows Mixed Signals
According to the latest hourly update from ShibBurn, despite a total supply exceeding 589 trillion tokens, recent token burns show mixed activity. In the past 24 hours, about 27.8 million SHIB tokens were burnt, a significant increase of over 1500% compared to earlier periods.
Moreover, while token burns over the last seven days have decreased sharply by 94.6%. This suggests fluctuating efforts to reduce supply amid market pressure.
Shiba Inu Faces Key Breakdown Risk
Technically, SHIB remains below key moving averages, including the 20, 50, 100, and 200-period simple moving averages, indicating ongoing bearish momentum.
The coin has failed to hold important support levels around $0.0000112 and $0.0000116, raising the risk of further declines. Traders are closely watching the psychological support level near $0.0000100, as a break below this point could lead to additional selling.
For Shiba Inu to reverse its downtrend, it will need to reclaim key resistance zones near $0.0000116 and $0.0000121, along with moving above critical moving averages.
Until then, cautious trading is advised as SHIB remains vulnerable to continued volatility and losses. Investors should keep monitoring market developments and technical indicators to navigate this uncertain period.
Related Reading | SHIB is Consolidating Near $0.000011; Breakout or Breakdown Ahead?
