Shiba Inu (SHIB) has fallen 15% over the past 30 days after a steep decline over the past year, while its market capitalization stands at about $2.9 billion. The number of tokens held on exchanges has dropped to roughly 86 trillion, its lowest level since April 2021, reducing the immediate selling pressure. The burn rate surged by more than 635% in 24 hours after nearly 11 million tokens were sent to a null address, although the value of the stash remains insignificant. Technical analyses point to a potential rebound toward $0.0000058 and then $0.000006687, but weakening investor interest and low activity on Shibarium constrain the recovery outlook.
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