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Sujit Kumar
Feb 4, 2025
by Sujit Kumar

Shiba Inu Sees Sharp Drop & Recovery Amid Market Volatility

Shiba Inu Sees Sharp Drop

Table of contents

  1. Market Activity Surges Despite Burn Rate Decline
  2. Key Support & Resistance Levels to Watch
Shiba Inu (SHIB) recently witnessed sharp price swings, dropping to $0.000012 before rebounding to $0.00001622. Currently trading at $0.00001568, the meme coin has seen heightened market fluctuations, with traders closely watching support and resistance levels.

Market Activity Surges Despite Burn Rate Decline

Despite the price dip, SHIB’s trading volume skyrocketed 308% to $1.73 billion, showing strong market participation. However, the burn rate plummeted 91.61%, with only 2.6 million SHIB tokens burned in the past 24 hours. This decline follows a reduction in on-chain activity and token-burning initiatives.

Interestingly, the weekly burn rate surged 3,614%, with 1.16 billion SHIB burned in a single transaction. The ShibTorch V2 launch aims to improve burning efficiency, potentially reducing token supply over time.

Key Support & Resistance Levels to Watch

Market analyst Cantonmeow highlighted SHIB’s bounce from its $0.00001400 support level, forming a bullish dragonfly candle on the weekly chart. If SHIB holds this level, it could attempt a rally toward $0.00001900. However, a drop below this support could trigger further downside.

Meanwhile, open interest (OI) fell 12.26%, suggesting a decline in speculative activity. If OI starts rising again, it could indicate renewed investor interest in SHIB.

For now, SHIB remains in a consolidation phase, with traders eyeing a potential breakout above $0.00001900 for bullish momentum.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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Shiba Inu Sees Sharp Drop
Shiba Inu Sees Sharp Drop & Recovery Amid Market Volatility
Sujit Kumar
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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