- December presents mixed signals
- Potential scenarios
According to Shibburn, over 35 million SHIB were burned in the last 24 hours, contributing to an increase in burn rate.
A total of 35,386,697 SHIB were burned in the past day, representing a 1,726.32% rise in daily burn rate. The amount of 116,664,862 SHIB were burned in the last seven days, marking a 148.46% increase in weekly burn rate.
The significant amount of SHIB sent to dead wallets has contributed to a drop in Shiba Inu’s total supply, which is now 589,246,171,323,119 SHIB.
Meanwhile, the Shiba Inu price stays in the red, down 1.34% in the last 24 hours to $0.000007917 as major cryptocurrencies began December on a negative note.
December presents mixed signals
Shiba Inu has mostly had red Decembers, with the exception of December 2023 when it rose 24.73%; it declined 29.68% in December 2021, fell 13.69% in December 2022 and dropped 20.98% in December 2024.
The Shiba Inu price closed its first red October since its inception, flipping an age-long historical narrative. While Shiba Inu has mostly had red Decembers, the historical trend flip might support a green December this time.
Shiba Inu closed November lower by 16.67%, marking its fourth consecutive red month since July, expectations remain for a relief rally in December.
Potential scenarios
Technical and historical trends suggest that Shiba Inu saw a sharp sudden rally after a prolonged period of decline, March 2024 for instance, when it rose 144%.
However, momentum indicators show a neutral-to-bearish tilt, with declining rally strength into overhead resistance. Yet the lack of follow-through selling beneath $0.00000785 suggests bears may be losing momentum. This hints at two potential scenarios: if the Shiba Inu price returns to $0.0000091 and $0.0000094, a retest of the $0.00000119 level might be next, erasing a zero from the Shiba Inu price.
A reclamation of the $0.000009 range might trigger bullish return, while a loss of the $0.00000785 support might begin a move toward the $0.000006.
Source: https://u.today/shiba-inu-burn-activity-explodes-1726-yet-december-shib-trend-stays-mixed
