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Shiba Inu (SHIB) bulls appear ready to push price up toward the $0.00001 level, or prevent further slips at least. Data from Shibburn, a platform that tracks deflationary activities in the ecosystem, reveals that bulls have kept total burn activity up by 910.98%.
Shiba Inu bulls target supply reduction
In the last 24 hours, Shiba Inu’s bulls sent a total of 4,369,584 SHIB to dead wallets in renewed efforts to reduce the circulating supply. The move comes as SHIB fluctuates within a price range of $0.058491 and $0.059009 in the last 24 hours.
The Shiba Inu ecosystem has always relied on the burn mechanism to control available supply. The community hopes that by limiting circulating supply, scarcity could make prices appreciate, or stabilize and prevent further decline.
With the removal of more than 4.37 million SHIB permanently from circulation, this brings the total SHIB burnt from the initial supply to 410.75 trillion. The total supply in the ecosystem now stands at 589,245,769,952,109 SHIB. Out of this amount, 585406,785,022,741 SHIB remain in the circulating supply.
The remaining 3,839,011,929,368 SHIB are staked and do not contribute to the added volatility of the meme coin.
With Shiba Inu bulls fighting to keep the price stable, trading volume has also stayed green and remains up by 8.08% at $179.96 million. However, exchange flows suggest that selling pressure might be building given the broader meme coin sector decline within this period.
SHIB price dips despite rising volume
As of press time, Shiba Inu exchanges hands at $0.000008597, which represents a 2.11% decline in the last 24 hours. The price decline has been attributed to profit-taking by short-term traders after SHIB failed to break a key resistance level.
On the positive side, Shiba Inu’s Relative Strength Index (RSI) is pegged at 57, slightly neutral, which indicates that the meme coin is not in oversold territory. Therefore, it is likely that the current market setup could attract buyers looking for the dip.
It is worth mentioning that for Shiba Inu to sustain a price uptrend, bulls must not focus solely on the burn metrics. The meme coin’s futures traders need to stay active in their bets, as declining open interest could signal loss of confidence and further price slippage.
Notably, every slip of Shiba Inu’s open interest into the red zone increases bearish sentiments for market participants. This ultimately impacts the asset’s price negatively and delays the elimination of one zero from SHIB.
Godfrey Benjamin
Gamza Khanzadaev
Arman Shirinyan
Alex Dovbnya