Shiba Inu (SHIB) bulls are increasing burn efforts, having injected over 4.37 million SHIB into inactive wallets within 24 hours. The burn volume has surged by 910.98%, aiming to reduce circulating supply and support the price. Despite this, SHIB's trading price still fell by 2.11%, to $0.000008597, facing selling pressure and broader meme coin declines. Trading volume remains up by 8.08%, reaching $179.96 million, with the Relative Strength Index (RSI) at 57, indicating a neutral market rather than oversold. Analysts point out that whether the price can continue to rebound depends on the activity of futures traders, as a decrease in open interest may signal waning market confidence.
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Shiba Inu (SHIB) bulls are increasing burn efforts, having injected over 4.37 million SHIB into inactive wallets within 24 hours. The burn volume has surged by 910.98%, aiming to reduce circulating supply and support the price. Despite this, SHIB's trading price still fell by 2.11%, to $0.000008597, facing selling pressure and broader meme coin declines. Trading volume remains up by 8.08%, reaching $179.96 million, with the Relative Strength Index (RSI) at 57, indicating a neutral market rather than oversold. Analysts point out that whether the price can continue to rebound depends on the activity of futures traders, as a decrease in open interest may signal waning market confidence.