Shiba Inu, the second-largest joke cryptocurrency by market value, is going through a Peter pan paradox right now. As its burn rate has increased exponentially, its price has found itself under immense continuing downside selling pressure. Early this week, the burn rate suddenly surged to more than 112,000%. In the meantime, more than 116 million coins passed into wallets that are unable to ever use trapped assets. This supply-side dynamic is typically considered bullish. Shiba Inu is still unable to get out from under selling pressure and finds itself trapped in a strong downtrend at the time of writing.
The price of the Shiba Inu token was last reported to be worth $0.00001190. That represents a 2% decrease in the past 24 hours and close to 5% week-on-week. The crypto asset is presently trapped in a tight trading range between $0.00001203 and $0.000012.
Despite the price decline, Shiba Inu experienced volume spikes at 07:35 and 07:46-07:47, coinciding with price recovery attempts. Yet potential upside was met with hefty selling pressure overnight, with above-average volume over 500 billion units providing resistance at approximately $0.0000122. This level has now become an important line of resistance for Shiba Inu, supported by above-average volumes.
There is some good news on the chart though, SHIB is forming a double-bottom pattern. This technical setup is hinting at a 20% breakout toward $0.000016.
