Shiba Inu (SHIB) has experienced a slight increase in price over the past hour, with its current value sitting at $0.00002479, indicating a rise of 0.18%. However, its performance over the past 24 hours shows a small decline of 0.28%. Additionally, SHIB’s market capitalization has decreased by 0.13% to $14.6 billion.
Hourly SHIB Update:
– Symbol: $SHIB
– Price: $0.00002479 (1-hour change: 0.18% increase | 24-hour change: 0.28% decrease)
– Market Cap: $14,596,571,439 (0.13% decrease)
– Total Supply: 589,273,538,188,273 tokens
Tokens Burnt:
– Past 24 Hours: 2,690,693 tokens (57.28% decrease)
– Past 7 Days: 46,572,296 tokens (26.82% decrease)
This data reveals a significant decrease in the number of SHIB tokens burnt over the past 24 hours, with a reduction of 57.28% compared to the previous day. Over the past week, there has been a 26.82% decrease in token-burning activities, with 46,572,296 tokens burnt. Despite a vast total supply of approximately 589 trillion Shiba Inu tokens, the fluctuations in token burning and market capitalization indicate ongoing volatility in the Shiba Inu market, which investors and traders are closely monitoring.
When examining the Shiba Inu price charts, we can observe a short-term rising wedge pattern, typically considered a bearish formation in technical analysis. This pattern is formed as the price consolidates within a converging range defined by two upward-sloping trend lines. The rising wedge is nearing its completion, suggesting a potential downside breakout, as indicated by the latest series of candlestick patterns.
Furthermore, the volume oscillator shows a 29.01% decrease, indicating a reduction in trading volume as the wedge developed. This supports the bearish interpretation of the rising wedge, as declining volume often accompanies price rises within this pattern, signifying weakening buying pressure. The Money Flow Index, currently at 23.92, falls within the lower range, suggesting that SHIB may be approaching oversold conditions. This typically implies a potential reversal or pause in selling pressure. However, considering the rising wedge context, it could also mean that the price might temporarily stabilize before continuing its potential downward trajectory.
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SHIB