Shiba Inu (SHIB) It looks like it has been under constant selling pressure for some time and continues to lose. On the other hand, the number of Shiba Inu tokens burned continues to consistently reduce its circulating supply.
SHIB Trying to Avoid Falls
Shiba Inu price It has been steadily falling in price over the past week. The price of the meme coin has lost a total of 6.5% in the past week and currently continues to maintain this downtrend. While these declines continued, there was an increase in the number of Shiba Inu tokens burned to reduce the circulating supply of the meme coin. Historically, a decrease in supply could fuel a price rally in the meme coin.
According to Shibburn data, approximately 104 million SHIB tokens have been burned in the past seven days. These tokens have been removed from supply so that they cannot be used by exchanges or traders by being sent to unusable wallets. More than 103.8 million Shiba Inu tokens were sent to these wallets and removed from circulation. The Shiba Inu community completed these burns in 58 transactions in transfer. Within 24 hours, Shiba Inu tokens were removed from the circulating supply.
meme coinThe burn rate is currently 12.53 percent and the circulating supply has shrunk to 54 trillion.
FXStreet analysts evaluated the Shiba Inu price trend and suggested that there may be an increase in selling pressure on the meme coin. Analysts note that the price of Shiba Inu failed to rise above the 55-day Exponential Moving Average, adding to the downward pressure on the Dogecoin killer. Shiba Inu price may find its next support at the January 2022 low and indicators point to a bearish future for the meme coin.
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