32,297,688 SHIB Burned in 7 Days, Yet It Is Not Enough

In the last seven days, a total of 32,297,688 SHIB has been burned, however this may not suffice as Shiba Inu burn rate remains in the negative on daily and weekly frames.

According to Shibburn, 32,297,688 SHIB was burned in the last seven days, representing a 47.20% drop in weekly burn rate. In the last 24 hours, just 919,747 SHIB were burned, marking a 78.31% drop, extending the lackluster burn action recorded in the week.

The drop in Shiba Inu burn rate coincides with a mixed price action for SHIB in the week. At the time of writing, SHIB was down 0.14% in the last 24 hours to $0.000009949 and down 2.21% weekly.

Shiba Inu consolidated for a few days after its drop to a low of $0.00000837 on Nov. 4. In a surge on Friday, Shiba Inu rose from a low of $0.00000902 to $0.000001034 before it started retracing.

Shiba Inu forms golden cross

Shiba Inu has created a short-term golden cross, a bullish chart pattern that forms when a short-term moving average (MA), usually the MA 50, crosses above a long-term MA (the SMA 200) on an asset's price chart.

The golden cross appeared on Shiba Inu's hourly chart on Saturday as its price jumped as much as 11% to a high of $0.00001027 before retracing. As it stands, it seems Shiba Inu might continue to follow the trend of the broader crypto market, which is currently awaiting direction after October's sell-off.

Investors continue to face an economic data blackout amid the government shutdown. A survey from the University of Michigan released on Friday indicated that consumer sentiment approached its lowest level ever, at a reading of 50.3 in November.

With the government shutdown extending for more than a month, macroeconomic concerns linger; support remains at $0.000007 to $0.000008 and resistance might be encountered at $0.00001085 and $0.00001255.