Shiba

Burn

Shiba Inu

Inu.

Divergence

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
&nbsp;
Last week, June 17-23, did not bring anything positive to Shiba Inu. The dog-themed meme coin has dropped as much as 15% in value. At press time, SHIB is trading around the $0.000017 level.&nbsp; <img height="401" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXfurgaaxIrLydUrBtFZvkEwL2SA8cpgF8LJu7f_1HFNMqfwQMrfyfAB7iuxf2wrBDey98CAi-Z_5uj5ThRXOR7wOicgO6_BCsqFH8HNgUaBh3yZsTotXUJAjob3j8MRzBc3tUJWEme3SAykfcRtN0zgIUgx?key=IqwkiA1xuVD2TxJo2CDbpg" width="602">Source: CoinMarketCap 
Shiba Inu's recent drop below $0.00002 signals a potential further decline, but bulls may still recover. Maintaining above $0.000019 is crucial to avoid more selling pressure.
In the meantime, a rise to $0.000022 or $0.000023 would indicate renewed bullish momentum and could attract more buyers.
<h2 id="on-chain-data">On-chain data</h2>
Overall on-chain data shows mostly bearish signals. However, several indicators look positive, such as the Large Transactions metric, with a 5.49% increase. <img height="151" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXfBS2q2TNnuInJSRy4VP4BjZN6GJ-3rdEo3euMx-IXnI8xcQ4cgPG4zYTz_mWny47ZJkYCEjRBAqxb6weVnR7DViFdXosgGR6-z5iT1PMRyidyYw1FUdQyNEy6PMOjZvIgjOa9KJb6xy_Exft3dxxcHX2Tj?key=IqwkiA1xuVD2TxJo2CDbpg" width="602">Source: IntoTheBlock 
Fifty-two percent of SHIB holders were making money at the prevailing price at press time, which shows a rather positive view from investors. However, 46% of holders out of money is still a major problem for Shiba Inu.&nbsp;
<h2 id="technical-analysis">Technical analysis&nbsp;</h2>
The Moving Average Convergence Divergence (MACD) indicator shows minor fluctuations around the zero line, indicating a lack of strong momentum. Recently, a slight positive divergence in the MACD, moving above the signal line, suggests a subtle shift toward bullish momentum.
Despite this, the Simple Moving Average (0.00001860) indicates strong selling pressure. On the contrary, the Relative Strength Index (RSI) at 27 suggests that SHIB might recover this week.&nbsp;
Last week, Ali Martinez <a href="https://x.com/ali_charts/status/1801917817350172838" rel="noopener noreferrer nofollow">highlighted</a> that the TD Sequential chart shows a buy signal, indicating potential positive momentum for Shiba Inu in the coming days.
<blockquote>
 <a href="https://twitter.com/hashtag/ShibaInu?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#ShibaInu</a> might be primed for a rebound as the TD Sequential indicates a buy signal on the <a href="https://twitter.com/search?q=%24SHIB&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$SHIB</a> daily chart! <a href="https://t.co/jwZ3UbJQ1N" rel="noopener noreferrer nofollow">pic.twitter.com/jwZ3UbJQ1N</a>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1801917817350172838?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 15, 2024</a>
</blockquote> <img height="412" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXfsDo-gmavamoQXGFBMO8HUPQx_XCcqsAOcH83zfEagbs-VodnDV_1oGM3wyFOOnv-N1HwUp40B1vb4gyBILEKvS7Wnf2UsZ9r3F7K-2_KvQP3onD4MgtWNmuZoqVOiqTw769XmD6XYHDItzxbUzeimiELG?key=IqwkiA1xuVD2TxJo2CDbpg" width="602">Source: <a href="https://x.com/ali_charts/status/1801917817350172838" rel="noopener noreferrer nofollow">ALI/X</a>
<h2 id="burn-rate-on-rise-again">Burn rate on rise again</h2>
Meanwhile, a major Shiba Inu metric, the burn rate, has demonstrated an impressive 530% increase over the past 24 hours. Last week saw a 530% increase in the burn&nbsp;rate, with a total of 37,534,163 meme coins transferred to unspendable blockchain addresses.
On Saturday, Shiba Inu (SHIB) experienced a remarkable 2,682% surge in its daily burn rate. The token is now trading in the crucial range of 416 trillion SHIB.
According to IntoTheBlock, 416.38 trillion SHIB were bought by 19,120 addresses in the range between $0.000017 and $0.000018 at an average price of $0.000018.
<h2 id="watching-btc-and-eth">Watching BTC and ETH</h2>
The performance of major cryptocurrencies like Bitcoin and Ethereum often influence the overall crypto market. If these leading assets are experiencing volatility or downward trends, it might be challenging for altcoins like SHIB to gain traction.
The SHIB/BTC correlation has reached 0.84, while the correlation with ETH is at 0.94.
The Bitcoin price has seen a sharp decline over the weekend,dropping below the $63,000 level for the first time in months. Some experts speculate that the decline was primarily caused by a short-term sell-off tied to the German government.
&nbsp; <img height="401" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXdr2hs_OkAcDz46spdbF2qmuLkdPWj3Arw9cwqVL270blid2ZbuxRLgj4f4WoOaxg8AluiUqsFvMXuZ4fkxdGUGhLI2Vstet61EZrbL94llyxRzA7PDIPW-8JXO32qfGzjtRGC5HEE_qxRQcUdusuKr7LBw?key=IqwkiA1xuVD2TxJo2CDbpg" width="602">Source: CoinMarketCap 
According to Arkham, a wallet linked to the German government transferred 6,500 BTC to exchanges on June 19, worth $425 million at the time. The price continued to decline on Sunday, which indicates that the drop might be due to fundamentals. According to Arkham, the German government is still selling.&nbsp;
<blockquote>
 UPDATE: German Government Still Selling BTC &gt; $195M So Far.In the past 2 hours, the German Government sent $65M in BTC to 2 likely exchange deposits including Coinbase.The German Government moved $600M BTC yesterday, sending $130M BTC to 4 likely exchange deposits including… <a href="https://t.co/in2urlDBE0" rel="noopener noreferrer nofollow">pic.twitter.com/in2urlDBE0</a>— Arkham (@ArkhamIntel) <a href="https://twitter.com/ArkhamIntel/status/1803808325391335619?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 20, 2024</a>
</blockquote>
The uncertainty on stock markets might be due to concerns among investors, who view Bitcoin and Ethereum as a risk asset.&nbsp;
Whether BTC price rebounds this week or not, SHIB and other major meme coins will probably follow the general market sentiment.

Everything to Know About Shiba Inu (SHIB) This Week

Table of Contents

U_Today

Other articles published on Jun 24, 2024

No More Shitcoinery: Giants Protocol Brings Utility To Runes With First-Ever Bitcoin UTXO-Based D...

Tristan Tate Net Worth 2024: Businesses, Cars, Crypto

ApeCoin Loses Its Swagger, Aptos Hits a Speedbump: Is BlockDAG the New Fastest Growing Crypto?

Dogwifhat Price Plunges 13% Amid A Flash Crypto Crash As Traders Rush To Buy This Solana Rival Am...

Solana Trader Achieves $1.68 Million Profit in Just Two Weeks: Here’s How

Will Bitcoin’s Latest Strategy Boost Its Influence in Japan?

Join our free newsletter for daily crypto updates!