Shiba Inu Price Dem Hit As Burn Rate and TVL Dey Fall
Shiba Inu price don drop over 60% since e peak for November. The price still dey under pressure because key on-chain metrics dey deteriorate. Token burn rate drop 72% reach 181,928 SHIB on August 12, meanwhile Shibarium TVL fall 10% over 30 days to $1.75 million. Trading volume weak for $222 million compared to Dogecoin wey get $1.7 billion, and open futures interest dey under $155 million. Whale holding steady at 104.68 billion SHIB, smart money holdings don fall 22% reach 40.25 billion. Technically, SHIB dey trade inside bearish flag below im 50- and 100-day EMAs, with support at $0.00001070. If e break below this level, e mean say further downside fit happen.
Bearish
Shiba Inu di burn rate dey weaken, TVL for Shibarium dey fall, whale dem no dey add more, plus trading volume don reduce, all these show say demand dey go down. Bearish flag pattern wey dey form under key moving averages na technical sign say e fit fall more, like how past meme coins fall be that. Historically, when burn rate dey low, supply pressure dey increase, confidence for investors dey reduce, all these dey keep downtrend long. No fresh money dey enter, plus people dey move their interest go Solana-based tokens - this one dey increase selling pressure. Short term, traders fit still lose if support for $0.00001070 no hold. Long term, if on-chain activity and developer work no improve, SHIB fit struggle to recover, so bearish outlook go still dey.