Is Shiba Inu price at risk as the burn rate plummets?

Key Points

1. Shiba Inu's price was trading at $0.00001200 on June 9, slightly above its year-to-date low, with a trading volume of $140 million.

2. The burn rate of Shiba Inu tokens dropped by 98% to 11.19 million tokens, worth just $143, despite the project's $7 billion market cap.

3. Shibarium’s layer-2 network has a total value locked of $2.3 million, significantly lower than other fast-growing layer-2 networks.

4. Whale holdings of Shiba Inu decreased to 33.8 billion tokens from a recent high of 34 billion, reducing confidence in the token.

5. Futures open interest for Shiba Inu fell to $156 million from a year-to-date peak of nearly $600 million.

6. Technical analysis shows SHIB's price below the 50-day and 200-day Exponential Moving Averages, indicating a sustained bearish trend.

7. An inverse cup-and-handle pattern suggests potential further declines if SHIB breaks below $0.00001025, while a breakout above $0.000017 could signal a bullish reversal.