DeFi & NFT
By Evie Vavasseur
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Shiba Inu (SHIB) has been in the spotlight recently due to a remarkable surge in its token burn activity, which increased by a staggering 2532.14% over the past 24 hours.
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At the time of writing, Shiba Inu was trading at $0.00001469, showing a notable decline of 6.16% in the past 24 hours.
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Technical analysis reveals that SHIB is currently in a critical price zone. On the charts, it appears to be forming a head and shoulders pattern, a classic technical signal that…
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However, if the $0.0000147 support level holds firm, there may still be a chance for a price reversal.
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On-chain data further supports the bearish sentiment. The net growth of Shiba Inu’s network has been weak, with a modest increase of only 0.27% in the past week.
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Moreover, large transactions on the network have dropped by nearly 10%, signaling that institutional interest in Shiba Inu may be waning.
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Further complicating matters, Shiba Inu’s liquidation heatmap highlights potential risks at key price levels.
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Despite the impressive token burn surge, Shiba Inu’s technical indicators, weak on-chain performance, and liquidation risks point toward continued downward pressure.
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