The Shiba Inu (SHIB) cryptocurrency has experienced a significant decline, shedding over 7.81% in the past 24 hours. Trading volume surged by a staggering 292%, indicating a substantial market impact. SHIB opened the day trading at $0.00001211 before witnessing sharp drops to trade near $0.000011, with its current value hovering around $0.00001105. The meme coin’s burn rate has increased significantly, reflecting the ongoing efforts to reduce supply and stabilize prices. 2060231.23% increase in the SHIB burn rate was observed, resulting in a substantial decline of over 410.74 trillion SHIB tokens from circulation. Experts note that SHIB’s Moving Average Convergence Divergence (MACD) line and signal line remain below zero, suggesting bearish sentiment and potential for further price declines. Meanwhile, the Chaikin Money Flow (CMF), which analyzes capital flow, indicates an outflow of money, with a value at -0.17. Market analysts suggest that if SHIB fails to reverse its trend, it may drop to support levels around $0.00001037. A deeper correction could send the price further down towards $0.0000089 range. Notably, SHIB’s daily relative strength index (RSI) is hovering at 36.57, approaching oversold territory, indicating potential for a bullish reversal in the near future. The Bear Power Index, or BBP, stands at -0.00000103, highlighting the dominance of bears in the market.