Shiba Inu Price Drops 4%, Burn Rate 3500% Unable To Hold Corrections
JAKARTA - The crypto market is experiencing turmoil again, with the value of the Shiba Inu (SHIB) dropping by 4% and hitting the figure of 0.00001342 US Dollars (Rp0.21). This decline coincided with the fall in the price of Bitcoin below the support level of 60,000 US Dollars (Rp955 million), which triggered new selling pressures across the altcoin market, including the crypto meme currency sector known for its volatility.
Although the crypto market had shown signs of recovery, Shiba Inu failed to maintain its momentum increase. Throughout the week, the price of SHIB moved stagnantly, repeatedly trying to penetrate the resistance level of 0.000014 US Dollars (Rp0.22) but always under pressure again. This condition shows the lack of confidence from buyers to push prices higher, which ultimately triggers concerns about potential deeper corrections.
Reporting from Coingape, one of the interesting developments is the Shiba Inu burn rate surge which hit 3500% in the last 24 hours, with a total of 40 million SHIB burned. Usually, massive burning like this will reduce supply in circulation, which should support price stability or even trigger an increase. However, in this case, broader market factors appear to be more dominant, keeping SHIB prices under pressure even though the burn rate is soaring.
In addition, market interest in Shiba Inu also appears to be declining. Data from Coininglass shows that the SHIB Open Interest (OI) decreased sharply from 37 million US Dollars (Rp589 billion) to 23.2 million US Dollars (Rp369 billion) throughout August, reflecting a decrease of about 37%. This decline in OI could be interpreted as a decrease in market participation or SHIB liquidity, indicating a reduced investor confidence.
Technically, the price movement of the Shiba Inu is in a declining wedge pattern, with two trend lines increasingly narrowing. This shows that although bearish momentum is still there, the selling pressure is starting to weaken. If the price manages to penetrate this wedge pattern upward, this could be the beginning of a reversal trend, with a potential increase of up to 50% towards 0.00002 US Dollars (Rp 0.32).