Shiba Inu Down More Than 35% Since August Peak Despite Actively Improving Ecosystem
Shiba Inu (SHIB) is set to extend its downward trajectory throughout September 2023. In recent months, the SHIB community has been diligently expanding its ecosystem, aiming to move beyond its memecoin origins by introducing various tokens with distinct purposes.
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Shibburn, a platform monitoring Shiba Inu‘s tokenomics metrics, reports a 19.74% drop in the burn rate within the last 24 hours. To date, 410,659,181,001,629 tokens have been burned from the initial supply. Despite these efforts, SHIB’s current performance cannot prevent a price decrease.
SHIB’s price has slid from a crucial horizontal support level to $0.000007, indicating a likely long-term bearish trend. Both weekly and daily indicators suggest a bearish sentiment, supporting further declines towards the next nearest support level. Since its mid-August peak at $0.000011, SHIB has seen a more than 35% decrease.
Currently trading at $0.0000072, SHIB’s nearest price support sits at $0.000007, with no significant resistance levels evident, as the price continues to trend downwards.
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The future direction of Shiba Inu remains uncertain, with the possibility of the token consolidating at its current price point. Despite the highly anticipated Shibarium launch earlier this year, it failed to provide a significant boost to SHIB’s price. The bearish sentiment that has prevailed since February continues to weigh on the token’s prospects.
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