Peter Smith
Shiba Inu (SHIB) crashed 9% this week but is still set for monthly gains. Even burning 600 million tokens couldn't help as investors ditch meme coins for utility projects.
SHIB Price Tanks Despite Token Burns
SHIB hit $0.00001276 today - the lowest since July 10. That's a brutal 9% weekly drop and 2% down in 24 hours. The whole memecoin sector is getting crushed with the CoinDesk Memecoin Index down 10% in seven days.
What's crazy? SHIB burned 600 million tokens in one session (16,710% jump in burn rate) but still couldn't rally. The token fell 2.28% from $0.000013107 to $0.000012809 during the latest 24-hour period, with resistance at $0.000013184 and support at $0.000012663.
Shiba Inu (SHIB) Price Shows Reversal Signs
Despite the beating, there are some bright spots. Volume spiked to 43.5 billion tokens during a brief rally, and SHIB bounced 0.25% in the final hour. The monthly chart shows an "inverted hammer" pattern, which often signals buying interest returning after big selloffs.
But competitors like BONK, PENGU, and Remittix are stealing the spotlight as traders want projects with real utility, not just meme power. Still, SHIB could pull off double-digit monthly gains despite this weekly mess.
Peter Smith
