The Shiba Inu community is facing growing concerns as the cryptocurrency battles a tough market environment. After October’s dramatic sell-off that wiped out billions in leveraged positions, Shiba Inu has found itself struggling against bearish pressure. Down 13.61% for the month, the meme coin is under intense scrutiny, with its price fluctuating between $0.00001009 and $0.00001026 after a slight recovery from its October 22 low of $0.00000961.
Despite initial optimism for October’s potential rally, Shiba Inu’s price has been caught in a tight range, unable to break free from the clutches of the bears. The current sentiment in the market remains overwhelmingly fearful, as seen in the Crypto Fear and Greed Index, which has stayed in the fear zone for an extended period. This ongoing caution is keeping the pressure on Shiba Inu, with many speculating that further losses could be on the horizon.
Is the Shiba Inu Price Facing a Larger Downturn?
The challenge for Shiba Inu isn’t limited to just price action. The burn rate, a crucial indicator for the token’s long-term potential, has fallen off significantly. In the past 24 hours, the burn rate plummeted by 97.07%, with only 102,742 SHIB burned during that time. On a weekly basis, the burn rate dropped by 89.15%, signaling that there may be less demand for the asset’s deflationary mechanics at the moment.
These declines in the burn rate could signal a troubling trend for Shiba Inu’s future. With fewer tokens being burned, the pressure on the price to increase due to scarcity could be significantly reduced. If this continues, the bears might succeed in pushing Shiba Inu even lower, potentially adding another zero to its price tag.
Community Resilience Amidst Market Struggles
Despite these challenges, the Shiba Inu team is urging the community to stay strong. Lucie, a member of the team, delivered a message of resilience, encouraging holders to remain calm and creative during this uncertain time. Her words aim to inspire the community to keep pushing forward and create content that promotes the asset, whether through memes, videos, or other means.
Security Concerns Add to Shiba Inu’s Struggles
However, it’s not just the market pressure that Shiba Inu holders need to worry about. Security alerts have been issued, warning users of a scam website impersonating Shiba Inu’s official platforms. The site is actively draining wallets, and the Shiba Inu team has urged all holders to avoid connecting their wallets to suspicious platforms.
As Shiba Inu faces ongoing pressure from the bears, the next few weeks will be critical in determining whether the token can mount a recovery or continue to fall further. With the current fear in the market, it remains to be seen what the future holds for the token and its community.