The Shiba Inu burn rate exploded with a 440% increase in the past 24 hours. That’s like vaporizing over 28.2 million $SHIB into thin air, yo! Burnt coins, gone, dusted. Now, this is supposed to pump the price, right? Fewer coins in circulation, higher value. But nah, SHIB’s price still slumps hard, sitting at $0.000013 on Sept. 17, stuck deep in a bear trend. This bearish vibe doesn’t wanna leave, despite token burns heating up like crazy. Market’s got its eyes elsewhere though, and Shiba Inu is starting to feel a little like yesterday’s news.
Dwindling Interest, Low Volumes, and the Newcomer Threat
Check it, SHIB’s daily volume is just a sad $177 million. Compare that to Pepe, rocking $747 million, or Dogwifhat, repping a respectable $290 mil. These meme dogs out here racing past SHIB like it’s an old meme stuck in a 2019 thread. Even Baby Doge Coin and Neiro are seeing more action.
The real pain point? Open interest in SHIB futures is freezing over, parked at a pitiful $24 million for months now. Back in the day, the high was $137 million. Those were the good ol’ times. But these days, traders are feeling bored, looking for the next spicy thing. SHIB ain’t bringing it. Futures dried up, and meme coin fever has moved on.
Meme Coin Mayhem: Pump.fun, SunPump Shaking Things Up
The meme coin landscape? Wild. Absolutely flipped over in the last year. New kids on the block like Pump.fun and SunPump are where it’s at now. These platforms made it too easy for devs to launch their own meme coins, and traders are loving the chaos. Everyone’s talking Sundog, Tron Bull, Dogwifhat. They’ve got the hype SHIB once had, and traders are chasing that action.
Shiba Inu’s been left behind, even though it keeps burning coins and doing its thing. Meme coin culture moved fast, too fast maybe for SHIB to keep up. Token burns don’t matter if no one’s paying attention, right?
Death Cross and Bearish Patterns
Technically speaking, things are looking shaky for SHIB too. That death cross happened back in July. The 200-day and 50-day moving averages clashed, forming a scary bearish crossover. Since then, SHIB’s dropped over 30%. Oof. Then we’ve got this descending triangle pattern, which is the type of technical analysis pattern you never wanna see. Bearish, risky, and it’s closing in on a breakout. If SHIB crashes through the bottom support level of $0.0000126, we might see it tumble to $0.000010. That’s a fat 20% dip waiting to happen.
This is the meme coin world right now—risky, volatile, and cutthroat. So you gotta ask yourself, is SHIB still a top dog or just a relic from the last meme coin frenzy? The streets are watching, and the charts ain’t lying.