Shiba Inu (SHIB) Continues to Consolidate Despite Increased Burn Rate

shiba inu

After a few days of increased volatility, the cryptocurrency market has finally calmed down. This price uncertainty benefited the industry, as most assets saw gains. Bitcoin [BTC] and other large-cap coins displaced meme coins. 

Shiba Inu (SHIB) is currently moving sideways, contrary to expectations following the launch of Shibarium.

Shiba Inu was trading for $0.00001055 at publication, down 0.28% on the day. The asset had fallen by 2.37% in the previous two days. Shiba Inu’s short-term price chart suggested that this trend could continue.

Read Also: Unlocking the Power of Shibarium: Discover the Benefits for Shiba Inu

As seen in the Shiba Inu four-hour chart, the bears gradually settled into their market. The Parabolic SAR indicator formed dotted lines over the candlesticks, which also served as a resistance line. This effectively shuts down any potential uptrend in the asset.

The Relative Strength Index [RSI] indicator revealed that sellers were currently in control. The RSI indicator was below the 50 median, indicating selling activity rather than buying. The asset’s stagnancy was surprising, given that the burn rate was close to 1000% at the time of publication. The community has burned a total of 36,525,212 SHIB tokens in the last 24 hours. This increased the burn rate to 995.83%.

More Than Half of SHIB Holders Lose

The total number of addresses in the Shiba Inu ecosystem is currently at an all-time high of 1,329,998. The number of active addresses in the last 24 hours is 14,645 of these.

Read Also: Upcoming Shibarium Wallet to Simplify Shiba Inu Transactions

Nonetheless, 67% of meme coin holders were losing money. Into the Block data shows that only 29% of asset holders were profiting. If the current bearish trend in SHIB continues, the percentage of holders in loss may rise.

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