Shiba Inu [SHIB] investors sit and stay as token’s price plays dead

Shiba Inu [SHIB] investors sit and stay as token’s price plays dead

March 27, 2023

By Abiodun Oladokun

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SHIB’s burn rate climbed by 148% in the past 24 hours.

SHIB has traded within a tight range in the past two weeks.

According to data from Shibburn, the past 24 hours have seen a significant surge in the amount of Shiba Inu [SHIB] tokens burned. With 3.33 million SHIB tokens removed from circulation during that period, SHIB’s burn rate spiked by 148%.

As of this writing, SHIB traded at $0.0000106 per token. While trading volume declined by 26% in the past 24 hours, SHIB’s price went up by 0.17%, according to data from CoinMarketCap.

While the price uptick remained negligible, the price/trading volume divergence in the past 24 hours suggested buyers’ exhaustion as the buyers present in the SHIB market could no longer initiate a price rally during that period.

To buy or not to buy remains the million-dollar question

While an assessment of SHIB’s Moving average convergence/divergence (MACD) revealed the commencement of a new bull cycle on 16 March, the meme coin has since traded sideways.