Shiba Inu’s burn rate has increased by 1.502% in the last 24 hours
SHIB remains in a downtrend, down 13% in a week
The Token Could Remain Bearish On An Aggressive Fed Tone
Shiba Inu SHIB/USD has lost 13% of its value in the past week. Fall extends a losing streak of the beloved meme token to nearly two weeks now. Macroeconomic jitters and lack of momentum for meme-labeled assets are driving the decline.
On the bright side, the SHIB burn rate shot up over 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 the SHIB burn rate occurs when Amazon has committed to help with the process. Consequently, the “Amazon Burner” has pledged to burn approximately 247 million SHIB. Game developer Travis Johnson is going to use his Amazon affiliate account to get more SHIBs out of circulation.
SHIB continues to fall despite spike in token burn
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Shiba Inu has maintained a downward trend, implying that macro concerns are the key investor highlight. The token is trading at $0.000010, the lowest level since July 25. There is no indication that buyers will stop the decline if the Federal Reserve sounds aggressive later today.
Source – TradingView
On the daily chart, SHIB is in a support zone. The token has formed multiple bars inside at the support, but momentum remains weak. If the bear market continues, a bearish breakout from the inner bar could push the price towards the $0.000008 bottom. Rather, improved sentiment could cause the token to move back into the $0.000012 resistance.
Shiba Inu token is with support. There is a potential for a continuation of the trend if a bearish breakout of the inner bar occurs. Bulls may be attracted if sentiment improves, with a possibility the price may move back towards $0.000012 resistance.