SHIB Slides 5% Despite Token Burn as BTC Slides Below 200-day Average
Shiba Inu (SHIB) dropped over 5% in 24 hours, mirroring broader market weakness as Bitcoin fell below its 200-day SMA, despite significant token burn activity.Summary
Shiba Inu (SHIB) experienced a decline of over 5% in 24 hours, trading down to $0.00000951, as it followed the general risk-off sentiment in the crypto market, highlighted by Bitcoin (BTC) dropping below its 200-day simple moving average (SMA).
Despite this price drop, token burn activity accelerated, with over 1 million SHIB removed from circulation, and weekly burn metrics surging by 139.46%; however, these deflationary mechanics were insufficient to counter selling pressure during volatile trading periods.
Technically, SHIB showed a sharp intraday bounce, gaining 1.46% late Sunday from $0.00000957 to $0.00000971, breaking resistance at $0.00000969, but structural headwinds persist, including a long-term bearish phase and recent whale selling pressure moving over 40 billion tokens to exchanges.
(Source：CoinDesk)