Shiba Inu Slips Despite Token Burns, But Set to End July in the Green
Shiba Inu (SHIB) is poised to close July with a monthly gain, even as the token struggles under short-term selling pressure and growing investor preference for utility-based assets over speculative meme coins.
SHIB dipped to $0.00001263 early Tuesday, marking its lowest level since July 10. The memecoin has fallen nearly 9% over the past week and over 2% in the last 24 hours, tracking losses in the broader meme token sector. The CoinDesk Memecoin Index is down 10% over the same period.
Despite burning 600 million tokens in a single session—a 16,710% increase in the destruction rate—SHIB failed to rally, signaling weak market response to deflationary measures. Analysts say the lack of momentum highlights shifting sentiment toward tokens with clearer use cases.
Key Metrics:
- 24-Hour Price Change: SHIB fell 2.28% from $0.000013107 to $0.000012809.
- Trading Range: $0.000012663–$0.000013184.
- Support Level: $0.000012663, backed by 1.25 trillion tokens in volume.
- Resistance Level: $0.000013184, with strong rejection seen during the 17:00 UTC session.
- Volume Spike: 43.5 billion tokens exchanged in two minutes around 13:59 UTC.
- Trend: Price showed a three-phase structure — consolidation, distribution, and a brief rebound.
Competitor tokens such as BONK, PENGU, and the utility-focused Remittix have drawn greater interest from traders in recent days, pushing SHIB further from its previous market leadership position in the memecoin space.
Technical Outlook:
SHIB’s monthly chart appears to be forming an inverted hammer candlestick—a signal that could suggest a bullish reversal is forming at lower levels. Though sellers pushed prices back toward the open, the long upper wick indicates some buying interest returning, potentially setting the stage for an upward move in August.
