• SHIB has lost over 5.60%, over the past 24 hours.
  • The burn rate of SHIB has spiked by 226%, 2.63 million tokens were burnt.

The meme coins in the market are facing a downward trajectory, returning to their previous lows. Among them, the dog-themed meme coin Shiba Inu (SHIB) is approaching the critical threshold.

Over the last 24 hours, the SHIB price recorded a loss of over 5.60%. The asset hit its peak and low of $0.00001702 and $0.0000157, respectively. This price momentum indicates a bear rally. At the time of writing, the token traded at $0.00001607, with its daily trading volume dropping by 41% to $487 million, as per CMC data .

On the other hand, SHIB’s burn rate has displayed an increase of over 226% in the past 24 hours. Approximately 2.63 million tokens have been burned as per data . To date, the Shiba Inu ecosystem has burned a total of 410,730,847,872,516 SHIB, leaving over 583.51 trillion SHIB left in circulation. 

Can SHIB Climb Up?

The bullish sentiment SHIB had over the past thirty days, shifted to the downward trajectory, losing 5.45% in the last week. The token began trading at $0.00001716, gradually surged to a high of 0.00002152. As days progressed, it slid again to a low of $0.00001595.  

The technical indicators of the meme coin suggest the failed attempt of the asset to overcome the bearish trend. The short-term 9-day and the long-term 21-day moving averages are found above the current price momentum. Moreover, the asset is in oversold condition, as the daily relative strength index (RSI) stands at 36.77.

Is Shiba Inu (SHIB) Headed For a Rektober or an Uptober? image 0 Is Shiba Inu (SHIB) Headed For a Rektober or an Uptober? image 1 SHIB price chart (Source: TradingView )

Furthermore, SHIB’s price oscillated within the 0.000016 range. Breaking past the mark might signal the bull cycle. The asset may test its initial resistance at 0.00001712, a crucial area for bulls. A rebound from this level allows the asset to recover, but losing it could push the price toward the $0.00001508 support zone. 

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