Shiba Inu (SHIB) has seen a slight increase in price in the last hour, with the current value at $0.00002479, marking a 0.18% rise. Despite this hourly uptick, there has been a small decrease of 0.28% in the 24-hour performance. The market capitalization of SHIB has also gone down by 0.13% to $14.6 billion.
Hourly SHIB Update
$SHIB
Price: $0.00002479 (1hr 0.18% ▲ | 24hr -0.28% ▼ )
Market Cap: $14,596,571,439 (-0.13% ▼)
Total Supply: 589,273,538,188,273
Tokens Burnt
Past 24Hrs: 2,690,693 (-57.28% ▼)
Past 7 Days: 46,572,296 (-26.82% ▼)
— Shibburn (@shibburn)
May 26, 2024
In terms of managing token supply, the number of SHIB tokens burned has significantly decreased in the last 24 hours. A total of 2,690,693 tokens were taken out of circulation, marking a 57.28% decrease from the previous day. Over the past week, 46,572,296 tokens have been burnt, showing a 26.82% reduction in token-burning activities.
The overall supply of Shiba Inu tokens remains extensive at around 589 trillion. However, the recent changes in token burning and market capitalization reflect the ongoing volatility in the Shiba Inu market, which is being closely watched by investors and traders.
Shiba Inu Price Analysis: Insights from the Charts
A look at the Shiba Inu price charts reveals a short-term rising wedge pattern, typically viewed as 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 appears to be nearing its end, indicating a potential downside breakout as indicated by recent candlestick patterns.
On the other hand, the volume oscillator has decreased by 29.01%, showing a drop in trading volume as the wedge formed. This decrease in volume typically supports the bearish interpretation of the rising wedge, as lower volume often accompanies price rises within this pattern, signaling 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 could indicate a potential reversal or pause in selling pressure. However, within the context of the rising wedge, it could also imply that the price might stabilize briefly before continuing its potential downward trend.
Tags: SHIB