Shiba Inu (SHIB) has experienced a slight price increase in the past hour, with its current price standing at $0.00002479, representing a rise of 0.18%. However, over the course of 24 hours, there has been a small decline of 0.28%. Additionally, SHIB’s market capitalization has decreased by 0.13% to $14.6 billion.
Hourly SHIB Update:
– Price: $0.00002479 (1hr 0.18% rise, 24hr -0.28% decline)
– Market Cap: $14,596,571,439 (0.13% decrease)
– Total Supply: 589,273,538,188,273 tokens
Tokens Burnt:
– Past 24Hrs: 2,690,693 tokens (57.28% decrease)
– Past 7 Days: 46,572,296 tokens (26.82% decrease)
In terms of token supply management, there has been a significant decrease in the number of SHIB tokens burned in the past 24 hours. 2,690,693 tokens have been removed from circulation, which is a 57.28% decrease compared to the previous day. Over the past week, 46,572,296 tokens have been burnt, indicating a 26.82% reduction in token-burning activities.
The total supply of Shiba Inu tokens remains extensive, with approximately 589 trillion tokens in circulation. However, the recent fluctuations in token burning and market capitalization highlight the ongoing volatility in the Shiba Inu market, which investors and traders are closely monitoring.
Shiba Inu Price Review: What Do the Charts Say?
When analyzing Shiba Inu price charts, we observe a short-term rising wedge pattern, which is generally considered a bearish formation in technical analysis. This pattern emerges as the price consolidates upwards within a converging range defined by two upward-sloping trend lines. The rising wedge is approaching its conclusion, indicating a potential downside breakout supported by the latest series of candlestick patterns.
On the other hand, the volume oscillator shows a 29.01% decrease, signifying a reduction in trading volume as the wedge develops. This typically reinforces the bearish interpretation of the rising wedge, as declining volume often accompanies price increases within this pattern, indicating weakening buying pressure. The Money Flow Index, currently at 23.92, is in the lower range, suggesting that SHIB may be approaching oversold conditions. This often implies a potential reversal or pause in selling pressure. However, considering the rising wedge, it could also mean that the price may temporarily stabilize before continuing its potential downward trajectory.
Tags: SHIB
