SHIB is facing challenges that might result in a price drop

SHIB is facing challenges that might result in a price drop

Shiba Inu (SHIB) is currently facing a number of challenges. The fact that the SHIB burn rate has plummeted by 75% overnight is one of these concerns. This comes after the SHIB burn behaved admirably at the start of the week.

Over the last 24 hours, 34.72 SHIB tokens have been burnt. Currently, around 41% of SHIB's circulating supply has been used. The fact that SHIB's burn rate is declining is a worry because many feel it is a primary driver of ShibArmy's optimistic mood.

The fact that SHIB's exchange reserves have plunged is another concern. Investors have acquired around $10.6 million worth of SHIB, totaling 1.02 trillion SHIB. SHIB's circulating supply has been depleted of these tokens.

There is a chance that over $1 trillion in SHIB coins may enter exchanges if the trend in SHIB reverses. As a result, the selling pressure will rise, resulting in a price decline.

The $0.0000095 level of support for SHIB might be critical in determining the price movement. Unfortunately, many experts anticipate SHIB will break through this support level and subsequently drop by almost 20%.

After a 7.42 percent dip in price in the last 24 hours, SHIB is now worth $0.0000099. According to sources, the price of SHIB has dropped 11.22 percent in the previous seven days.

The current market capitalization of SHIB is $6,064,712,360. The Doge-killer also had $279.21 million in 24-hour trade volume, up 19.76 percent from the previous day.