As the crypto market continues its bearish trend, Shiba Inu tends to take the path as well. The 1-month SHIB/USDT chart shows price action consolidating inside a falling wedge pattern. The token is currently priced at $0.00001198, reflecting a 2.92% drop.
Shiba Inu market performance revealed
Tracking the current market action, CoinMarketCap data indicates that Shiba Inu’s price dropped 5.40% in 24 hours. It is currently trading at $0.00001128 with high market volatility. The 24-hour volume surged 328.99% to $575.37 million, showing a significant spike in trading activity.
The market cap declined to $6.65 billion, matching the fully diluted valuation, which also stands at $6.65 billion. The price reported sharp intraday fluctuations, with a steep dip followed by a late recovery spike. The volume-to-market cap ratio stands at 8.66%, reflecting increased liquidity during the current trading session.
SHIB bullish projection targets $0.00008070 as burn rate surge
According to an analysis prepared by SHIB KNIGHT, the market shows repeated attempts to break the descending resistance line, which has capped rallies. Each bounce off the lower trendline demonstrates accumulation behavior, with buyers defending support levels.
The green trajectory outlines a projected bullish breakout from the wedge formation. A potential move toward $0.00008070 is charted, marking a 442.68% increase. The breakout projection aligns with previous resistance zones near $0.00008000. Volume spikes at key turning points indicate short-term interest among participants.
The chart also displays a visible breakout zone above the descending trendline. This area suggests a critical threshold for the next market phase. The price action remains compressed, with lower highs and equal lows forming a spring-like pattern. If momentum sustains, the setup may confirm the continuation toward higher levels within 24 days.
As the dip extends, the Shiba Inu burn rate has also noted a gradual increase of 908.56% in the last 24 hours, totaling 12,275,653 SHIB.
The total burnt tokens reached 410.7 trillion SHIB from a max supply of 999.9 trillion SHIB. In the present time, the total quantity is 589.2 trillion SHIB, and circulating supply is 584.3 trillion SHIB. The staked SHIB tokens were about 4.88 trillion under the xSHIB protocol. Some of the large transactions in the last 24 hours, composed of 9,999,999 SHIB and 1,216,499 SHIB, were sent to the burn addresses.
