Shiba

2024

Kusama

Shiba Inu

<ul>
 <li>SHIB has declined by 9.90%, over the past week.</li>
 <li>The burn rate of SHIB is up by 482% in the last 24 hours amid a reduced rate.</li>
</ul>
Top meme coins in the market are priced in red. Among them, the dog-themed meme coin Shiba Inu (SHIB) has been seemingly in bearish mode for the past few days. In the last 24 hours, the meme token lost over 2.63% and trades within the $0.000017 range.
On the other hand, SHIB’s <a href="https://thenewscrypto.com/shiba-inu-marketing-lead-teases-collaboration-hinting-at-major-shib-burns/" target="_blank" rel="noopener noreferrer nofollow">burn rate</a> has been displaying reduced surges over the past several days. Increasing over 482% in the past 24 hours, approximately 60 million SHIB tokens have been burned as per <a href="https://www.shibburn.com/" target="_blank" rel="noopener noreferrer nofollow">data</a>. To date, the Shiba Inu ecosystem has burned a total of 410,727,706,468,542 SHIB, leaving over 583.37 trillion SHIB left in circulation.
Recently, there has been misinformation about the upcoming token of the Shiba ecosystem, TREAT. <a href="https://thenewscrypto.com/shiba-inu-lead-developer-teases-new-expansion-and-strategic-plans/" target="_blank" rel="noopener noreferrer nofollow">Shiba Inu’s lead</a>, Shytoshi Kusama, <a href="https://x.com/ShytoshiKusama/status/1815072293757829317" target="_blank" rel="noopener noreferrer nofollow">addressed</a> the community regarding it on X. Kusama wrote, “Sadly @cryptocom wrote about our TREAT token that is not yet launched, assuming incorrectly that it was”.&nbsp;
<h3 class="wp-block-heading" id="h-will-shib-continue-underperforming">Will SHIB Continue Underperforming?&nbsp;</h3>
Over the past month, SHIB has declined 3.57%. The highest and lowest price noted was at $0.000019 and $0.000013 respectively. In the past week, Shiba Inu’s price action showed a drop of 9.90%, from $0.00001981 to $0.00001695. At press time, the meme coin traded at $0.00001732, with a market cap of $10.20 billion. Meanwhile, the daily trading volume has dropped by 26.83% to $316 million, as per <a href="https://coinmarketcap.com/currencies/shiba-inu/" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a> data.
The daily relative strength index (RSI) currently stands at 47.07, indicating that the asset is approaching the neutral zone. Meanwhile, the short-term 9-day moving average (9MA) is at $0.00001819, which stays above the price and the 21-day moving average (21MA) is at $0.00001709, seemingly below the price action. which suggests SHIB seems volatile in the market.
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXeqF08XjGEqsU2gSxkJ-cOm1dFGTuHF2Nss0HsrvX11hsVTMTM6_tqvL5Udzg1594lgwyJ5bQg47uFN3o13ZkQjU9ZsfAZI6CL3MB49FRfqe-zSYgpwxlf5DR1x3lzYABWa8d32Y5lWJ-krd5JwhiIEsV8?key=qkLe6CAdx7XtXP4I1ZpfpA" alt="">
 <figcaption class="wp-element-caption">SHIB Price Chart (Source: <a href="https://in.tradingview.com/symbols/SHIBUSDT/" target="_blank" rel="noopener noreferrer nofollow">TrdaingView</a>)
 </figcaption>
 </figure>
</div>
Shiba Inu’s 24-hour price action suggests that if the asset breaks the initial resistance at $0.00001934, it is expected to climb further to $0.00002177. In contrast, if SHIB fails to hold above the initial resistance, it might drop to $0.00001504. The potential dip of the Shiba Inu can be at $0.00001295.
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Will Shiba Inu (SHIB) Overcome Its Current Downturn?

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