SHIB Price Struggles Despite 31.5M Tokens Burned, What’s Next?

Shiba Inu (SHIB), the world’s second-largest meme coin, is poised for a price recovery due to bullish price action and an impressive 24-hour burn rate. Data from the SHIB burn tracker recently revealed in a post on X (formerly Twitter) that the meme coin’s burn rate has surged by a staggering 4,137.17%, with 31,556,987 SHIB tokens burned in the past 24 hours.

Amid the bearish price action, traders appear to be losing interest, seemingly abandoning SHIB trading. Data from on-chain analytics firm Coinglass reveals that SHIB’s futures open interest (OI) has dropped by $531 million to $151 million, with this number continuing to decline.

Major Liquidation Areas

At press time, the major liquidation areas are at $0.00001413 on the lower side and $0.000015 on the upper side, with traders over-leveraged at these levels.

If market sentiment remains unchanged and the price drops to the $0.00001413 mark, nearly $350K worth of long positions will be liquidated. Conversely, if sentiment shifts and the price rises to the $0.000015 mark, nearly $750K worth of short positions will be liquidated.

These on-chain metrics reveal that active traders are currently bearish on SHIB, believing that the meme coin’s price won’t cross the $0.000015 mark anytime soon.

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