- Shiba Inu price drops 19.52% over the past month.
- Token burn rate crashes by 81.61% with only 169,344 SHIB destroyed recently.
- Analysts predict price could retreat to $0.000006 support level soon.
Shiba Inu continues to face selling pressure as the meme coin trades below key technical levels. The token has lost ground consistently since early October, raising questions about potential price floors.
SHIB currently changes hands at $0.00001004 after declining from higher levels earlier this month. The asset dropped to $0.0000074 on October 10 during a market-wide selloff triggered by geopolitical tensions. While the token has recovered slightly, it remains down 6.61% over the past seven days and 19.52% across the last 30 days.
SHIB burn activity slows dramatically
Token destruction rates have declined sharply in recent weeks. Daily burn figures have stayed under 1 million tokens throughout most of October. The burn rate fell 81.61% in the past 24 hours, with just 169,344 SHIB removed from circulation.
Market observers point to several factors weighing on investor sentiment. Critics note concerns about the project’s practical applications, team focus on alternative ventures, and reduced community activity. These elements appear to be contributing to the current price weakness.
The breach of the $0.000011 support level has altered the technical picture for SHIB. This price point had previously held firm during earlier market corrections. InvestingHaven analysts suggest the token could decline to approximately $0.0000090 in the near term.
Analysts map potential price targets
Trading platform Changelly forecasts a price range between $0.00000975 and $0.00000996 for SHIB. Market analyst Trades0028 identifies $0.000006 as a critical support zone that could provide a foundation for future recovery attempts.
Whether SHIB revisits its October 10 low of $0.0000074 depends on multiple variables. Bitcoin’s price action will likely influence SHIB’s trajectory, as will overall investor appetite for risk assets. Macroeconomic conditions also factor into the equation.
A sustained downturn in Bitcoin could amplify selling pressure across altcoins. This scenario would place additional stress on SHIB’s price structure and potentially accelerate the move toward lower support levels identified by technical analysts.
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