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Shiba Inu Price Shows Slight Increase Amid Token Burn Decline

source-logo  blockchainreporter.net 26 May 2024 19:59, UTC

Shiba Inu (SHIB) has recorded a marginal price increase over the past hour, with its current price standing at $0.00002479, marking a 0.18% rise. Despite this hourly uptick, the 24-hour performance shows a slight decline of 0.28%. SHIB’s market capitalization has also decreased by 0.13% to $14.6 billion.

HOURLY SHIB UPDATE$SHIB Price: $0.00002479 (1hr 0.18% ▲ | 24hr -0.28% ▼ )
Market Cap: $14,596,571,439 (-0.13% ▼)
Total Supply: 589,273,538,188,273

Past 24Hrs: 2,690,693 (-57.28% ▼)
Past 7 Days: 46,572,296 (-26.82% ▼)

— Shibburn (@shibburn) May 26, 2024

In terms of token supply management, the number of SHIB tokens burned has significantly decreased over the past 24 hours. 2,690,693 tokens were removed from circulation, representing a 57.28% decrease compared to the previous day. Over the past week, 46,572,296 tokens have been burnt, marking a 26.82% reduction in token-burning activities.

The total supply of Shiba Inu tokens remains vast at approximately 589 trillion. However, the recent fluctuations in token burning and market capitalization reflect ongoing volatility in the Shiba Inu market, which investors and traders continue to monitor closely.

Shiba Inu Price Review: What Do the Charts Say?

Analysing Shiba Inu price charts, we see a short-term rising wedge pattern, which is generally considered a bearish formation in technical analysis. This pattern is formed as the price consolidates upwards within a converging range defined by two upward-sloping trend lines. The rising wedge is nearing its conclusion, suggesting a potential downside breakout evidenced by the latest series of candle stick patterns.

1-hour SHIB/USD Chart | Source: TradingView

On the other hand, the volume oscillator shows a decrease of 29.01%, indicating a reduction in trading volume as the wedge developed. This typically supports the bearish interpretation of the rising wedge, as declining volume often accompanies price rises within this pattern, suggesting weakening buying pressure. The Money Flow Index, which is at 23.92, is in the lower range, indicating that SHIB could be approaching oversold conditions. This usually suggests a potential reversal or pause in selling pressure. However, in the context of the rising wedge, it could also mean that the price might stabilize temporarily before continuing its potential downward trajectory.