The cryptocurrency market has been experiencing intense fluctuations, and Shiba Inu (SHIB) is no exception. Over the past 24 hours, SHIB's price has plummeted by 14.48%, reaching a three-month low of $0.0000173. This decline is reflective of the broader market downturn, which has worsened SHIB's downward trend.

SHIB's price has been on a downward spiral, falling by 19% over the past week and 27% over the past month. Despite these setbacks, SHIB's market capitalization remains strong at $10.73 billion, indicating its significant presence in the crypto space. Additionally, the daily trading volume of SHIB has seen a significant increase of 156% in a day, reaching $596 million.

The Rise of SHIB's Burn Rate

In a surprising turn of events, SHIB's burn rate has skyrocketed by 12842% in the past day alone. According to the Shibburn tracker, approximately 12,047,795 SHIB tokens have been burned in the last 24 hours. This dramatic increase in the burn rate offers a glimmer of supply-side control, but it has yet to halt SHIB's downward momentum.

SHIB is struggling to maintain crucial support levels, edging closer to critical support of $0.0000165. If it fails to recover swiftly, SHIB could be exposed to further selling pressure, potentially deepening its losses in the near term. The recent pullback in Bitcoin, which lost 2.77% on Tuesday, has also contributed to SHIB's decline. At press time, Bitcoin is trading at $65,696.

Market Complexity

Over the past 24 hours, SHIB has seen long liquidations totaling 22.81 million, significantly surpassing daily averages. This uptick in liquidations has heightened volatility and risk aversion currently prevailing in the market. As a result, SHIB's price continues to fluctuate, making it challenging to predict its future trajectory.