Shiba Inu Price Plummets After Record Token Burn
Shiba Inu's price has been on a rollercoaster ride after a significant number of tokens were burned, but the rally appears to have stalled. According to Shibburn, a tracker that monitors SHIB burns, over 338,000 tokens were sent to a wallet that cannot be used in the past 24 hours.
This is a relatively small burn compared to Shiba Inu's massive supply, but it could still have an impact on the price. However, despite the burn, the price of SHIB has fallen by 3.63%, suggesting that the rally may have stalled.
The technical analysis shows two earlier channels in July and August and August and September, with each channel resulting in a breakout higher than the previous one. The second breakout occurred in mid-September, pushing SHIB to a high near $0.000006263 on September 21. However, sellers halted this move at $0.000006263, causing the price to slide.
The current price of SHIB is $0.000005704, which is above both the 20 EMA and 50 EMA. The green zone near $0.0000055 to $0.0000056 also aligns with the old breakout area, making it a potential spot for buyers to return.