Shiba Inu Struggles to Hold Critical Support Near $0.000005

Shiba Inu's price is struggling to hold onto key technical support near $0.000005 after its late-August gains evaporated.

The cryptocurrency briefly rose above $0.000006, but sellers pushed it back down to this critical level, which aligns with SHIB's 100-day moving average.

Despite a notable increase in daily token burns of 1,020%, the impact is limited due to its vast circulating supply of over 589 trillion SHIB tokens.

The increased token inflows to exchanges and declining futures open interest suggest selling pressure and reduced speculative momentum.