Shiba Inu remains a fan favorite after its massive run back in 2021. However, the meme coin has been having a tough go of it especially as the bears have continued to dominate the market. This time around, SHIB’s price is opening the new week on a rather bearish note that could set a negative tone for the rest of the week.
Shiba Inu Succumbs To Bears
As the market ushers in the new trading week, some cryptocurrencies such as Bitcoin and Ethereum have seen positive movement. However, this positive movement has not rubbed off on the Shiba Inu meme coin which is showing very bearish tendencies at this time.
The SHIB token is still seeing losses across its hourly, daily, and weekly charts, despite minor gains being recorded by so many other large caps. This would suggest high selling pressure for the cryptocurrency coming out of the weekend and leading to bears taking control.
The current bearish trend is further made worse by the fact that there has been a significant drop in the SHIB burn rate over the last day. According to the Shiba Inu burn tracking website Shibburn, only around 30.67 million tokens have been burned in the last day, a 44.45% drop from the prior day’s figures. This could suggest a dwindling interest in burning leading to the amount of tokens being taken out of circulation much lower.
Burn rate falls 44% in 24 hours | Source: Shibburn
Shibburn’s data also shows that the burn rate from the last week is not faring well either. With only 421.33 million tokens burned in the 7-day period, it translates to an 8.91% drop from the prior week’s numbers as well.
HOURLY SHIB UPDATE$SHIB Price: $0.0000
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Author: Scott Matherson
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