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Shiba Inu’s burn rate spiked by 1,502% in the last 24 hours
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SHIB remains on a downtrend, having lost 13% in a week
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The token could remain bearish on a hawkish Fed tone
Shiba Inu SHIB/USD has lost 13% of its value in the past one week. The fall extends a losing streak of the loved meme token to nearly two weeks now. Macroeconomic jitters and lack of momentum for meme-labeled assets are driving the decline.
On the brighter side, the SHIB burn rate skyrocketed by more than 1,500% on September 21. A majority of the burned tokens occurred in a single transaction. About 134,658,618 SHIB was reported to have been burned.
The spike in SHIB burn rate occurs when Amazon has committed to help in the process. Consequently, the “Amazon burner” has committed to burn about 247 million SHIB. Game developer Travis Johnson will use his Amazon affiliate account to remove more SHIBs from circulation.
SHIB continues to decline despite a spike in token burn
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Shiba Inu has maintained a downtrend, implying that macro concerns are the main highlight of the investors. The token trades at $0.000010, the lowest since July 25. There is no indication that buyers will arrest the decline should the Federal Reserve sound hawkish later today.
Source – TradingView
On the daily chart, SHIB is in a support zone. The token has formed multiple inside bars at the support, but momentum remains weak. If the bear market continues, a bearish breakout from the inside bar could set the price to the $0.000008 bottom. On the contrary, an improved sentiment could see the token aim back for the $0.000012 resistance.
Summary
Shiba Inu token sits at support. There is a potential for a trend continuation if a bearish breakout of the inside bar happens. Bulls could be attracted if the sentiment improves, with a price back to $0.000012 resistance a possibility.