- SHIB trades around the $0.00001471 range.
- Shiba Inu’s burn rate jumps over 2024%.
With February wrapping up, the meme coin market cap stands at $64.3 billion, reflecting a 1.4% uptick. While meme coins send mixed signals, the dog-themed Shiba Inu (SHIB) has posted a modest 2.87% gain.
The meme coin opened the day trading at $0.00001443. The bears pushed the asset to a low of $0.00001377 in the early hours. SHIB has managed to hit the $0.00001478 range gradually. At the time of writing, Shiba Inu trades at $0.00001471 with its daily trading volume reaching $280 million.
Notably, Shiba Inu’s burn rate surged amid the market turmoil. The latest Shibburn data reported a 2024.03% increase. Around 30.15 million tokens were burned from the circulating supply in the last 24 hours.
To date, the Shiba Inu ecosystem has burned a total of 410.74 trillion SHIB, leaving over 584.32 trillion tokens in circulation. Over the past seven days, 142 million SHIB tokens were burned.
Can SHIB Recover or Is More Loss Ahead?
If the SHIB/USDT trading pair’s downtrend sustains, SHIB might find its immediate support at $0.00001468. A sustained drop below this level could push it toward $0.000013, potentially prolonging the consolidation.
Assuming the meme coin’s reversal and bulls take control, the price could mount to the $0.00001484 mark. A sustained bullish momentum could propel SHIB toward the $0.00001503 resistance level.
The meme coin’s Moving Average Convergence Divergence (MACD) line and signal line are stationed below the zero line. This crossover indicated a strong bearish momentum. A move back above the zero line could signal a potential trend reversal.
Additionally, SHIB’s Chaikin Money Flow (CMF) indicator suggests that the capital is flowing into the asset as the value rests at 0.10. The buying interest slightly outweighs the selling pressure. Meanwhile, the daily trading volume has dropped by over 5%.
Besides, the daily relative strength index (RSI) at 55.20 infers neutral to mild bullish momentum in the market. The Bull Bear Power (BBP) value of 0.00000067 highlights slight bullish momentum, but the strength of the trend is minimal.
