SHIB weekly burn rate don jump 491% as price knack down to multi-month low amid liquidations
Shiba Inu (SHIB) burn data dey show say supply-reduction activity don reverse sharply: weekly SHIB burn rate jump 491% to about 37.52 million SHIB wey dem burn for the past seven days. But SHIB price still weak as selling pressure and broad risk-off sentiment dey dominate.
SHIB slide from around $0.0000056 on June 1 to about $0.0000044 for early Saturday trading. After e lose that support, liquidation activity increase, push SHIB lower. As of writing, SHIB down about 1.37% over 24 hours to roughly $0.0000045.
Derivatives dem position dey defensive. SHIB open interest dey near cycle lows, show say traders dey cautious and dem dey reduce exposure. For broader market, long-heavy liquidations dey reported, wey force traders comot as sell-off accelerate. Some exchange outflow signals dem call potential accumulation, but analysts warn say na im no mean seh sustained rebound don confirm.
Technically, SHIB still under key moving averages across timeframes, with lower-high and lower-low structure. Momentum indicators dey near oversold, but traders go likely need buyers to take back prior support before dem fit expect trend change.
Key trading takeaway: SHIB burn rate spike fit improve sentiment, but the current downside wey liquidation drive show say market still dey prioritize risk control pass supply-reduction story.
Bearish
Even though SHIB weekly burn rate climb 491% (beta headline wey mean supply don reduce), both summaries dey stress say price action still dey under pressure from liquidation-driven selling and defensive derivatives stance. Big long liquidations and SHIB dey trade below key moving averages show say downside risk still active short-term. For long term, the burn fit help sentiment, but if buyers no reclaim lost support and open interest near cycle lows, traders likely go expect volatility to continue rather than steady rebound.