Shiba

Flow

Burn

Shiba Inu

Divergence

<ul class="wp-block-list">
 <li>SHIB has plunged by 6%, over the past 24 hours.</li>
 <li>The burn rate of SHIB has soared by 254,078% with 5.63 billion tokens burned over the day.</li>
</ul>
The cryptocurrency market has faced a pullback over the past 24 hours, with its market cap plummeting by over3.60% to $2.33 trillion. The largest asset, <a href="https://thenewscrypto.com/will-bitcoin-btc-present-a-prime-buying-opportunity-this-november/?_thumbnail_id=110693" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a>, which traded above $72.5K, has slipped to $69K. The bearish sentiment affected all the major assets in the market.&nbsp;
The dog-themed meme coin Shiba Inu (SHIB) is one of the losers. Its price has steadily plunged by 6% on a daily scale. It’s crucial to note the <a href="https://www.shibburn.com/" target="_blank" rel="noopener noreferrer nofollow">burn rate</a> of Shiba Inu surged around 254,078% over the day. Notably, the spike is observed as 5.63 billion tokens were burned.&nbsp;
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXetrgT6aMVigiQmEjl-Tmtx8RhGZWTQdzNpu7QsCCNzJl6A0Z4Aj5bmskAiMVJqExj5wToPOCev1wlPFkt4AQwzRCgaqEa5kMY0ty0ghJMM4VUbv438MZzzByilF7db5SvCJkeHXlBfk6egV6B2LaTrAA2E?key=8379ZNd_rIKkrtB3CoZwBq-X" alt="">
 <figcaption class="wp-element-caption">SHIB Burn Rate (Source:&nbsp;<a href="https://www.shibburn.com/" target="_blank" rel="noopener noreferrer nofollow">Shibburn</a>) 
 </figcaption>
 </figure>
</div>
To date, the Shiba Inu ecosystem has burned a total of 410.73 trillion SHIB, leaving over 583.59 trillion SHIB in circulation. This surge in burn rate has brought in an expectation over SHIB’s price, as it likely indicates a price rally.
Notably, SHIB appears to be at a critical threshold. In the morning hours, the meme coin traded at a high of $0.00001913, and it began to slide to the current price levels.
At press time, SHIB traded at $0.00001742, with the trading volume staying at around $508 million, according to CMC <a href="https://coinmarketcap.com/currencies/shiba-inu/" target="_blank" rel="noopener noreferrer nofollow">data</a>. Moreover, the market observed a liquidation of $1.45 million worth of Shiba Inu during this timeframe.&nbsp;
<h3 class="wp-block-heading" id="h-where-is-shib-s-price-headed-next">Where is SHIB’s Price Headed Next?</h3>
Technical analysis of the SHIB/USDT trading pair indicates the bearish sentiment. The chart displays the daily relative strength index (RSI) positioned at 37.95, suggesting the weakness of the asset. Moreover, the <a href="https://thenewscrypto.com/can-shiba-inu-bulls-ignite-a-rally-soon/" target="_blank" rel="noopener noreferrer nofollow">asset</a>’s short-term 9-day MA is situated below the long-term 21-day MA.&nbsp;
The Moving Average Convergence Divergence (MACD) line sits below the signal line, highlighting the ongoing negative outlook, which might lead to the incoming bear run.&nbsp;
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdINPFMAhzuWM0Sy5uIpEfprtEF6CBnWBJAmvyPTsrVsPIMBA0NKDtY_h26hWIkXAARyrMHa_TCbTCfGz1ckfd4au8DeXnOpI3_vZAAu7X6WOYm1VZhgQ88jo4H0aay7IVUuJD-URpPj0-IGof1MK4YL1te?key=8379ZNd_rIKkrtB3CoZwBq-X" alt="">
 <figcaption class="wp-element-caption">SHIB chart (Source: <a href="https://in.tradingview.com/symbols/SHIBUSD/?exchange=COINBASE" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>)
 </figcaption>
 </figure>
</div>
Besides, the Chaikin Money Flow (CMF) indicator stays at -0.31, which suggests the decreased money flow with selling pressure. While the daily trading volume has increased by over 59%.&nbsp;
If the bullish sentiment revives, SHIB’s price could likely rally to $0.00001879. It might further rise if the upward momentum persists. However, if the asset’s price attempts a reversal on the support side, the immediate support zone might be at $0.00001639.
Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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Massive Shiba Inu (SHIB) Burn Fails To Reverse Price Drop

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