Shiba Inu (SHIB), the second-largest memecoin, has fallen over 5% in the last 24 hours. The token retreated to $0.00000951, following the negative market sentiment led by Bitcoin. This drop occurs despite community efforts, as the insufficient SHIB token burning could not counteract the bearish trend. SHIB has pulled back from a high of $0.00001018.
SHIB’s price is approaching a key support zone established during October. Although token burning accelerated, with over 1 million SHIB recently removed, it was not enough. Weekly burn metrics surged by 139.46%. However, daily burn rates actually declined by 86.53%. This deflationary mechanism proved ineffective against the selling pressure during volatile periods. Morning volume reached 619.8 billion tokens as resistance at $0.00001021 held firm.
SHIB’s situation highlights a common challenge for meme cryptocurrencies. They rely heavily on overall market sentiment. Bitcoin’s recent drop below its 200-day simple moving average triggered risk aversion. On the other hand, the burning activity is a fundamental attempt by SHIB to create scarcity. The failure of this burn to support the price shows that macroeconomic factors are currently dominating.
Can whale pressure break the key support at $0.00000955?
Selling pressure has notably intensified. Recent data shows whale movements of over 40 billion tokens to major exchanges. This weighs on investor confidence and increases available supply. Although there was a brief technical bounce on Sunday, the structural outlook remains bearish. SHIB is extending an 11-month bearish phase. The asset follows a pattern of brief rallies followed by prolonged declines.
Current technical levels show mixed signals. Primary support holds in the $0.00000955 to $0.00000970 zone. Key resistance is located at $0.00001021. A brief rally on Sunday saw the price break above the $0.00000969 resistance. If the recovery momentum fades, the downside risk to $0.00000955 increases. Traders are watching whether the insufficient SHIB token burning can gain traction or if whale selling will define the next move.
