32,297,688 SHIB Burned in 7 Days, Yet It Is Not Enough

In the last seven days, a total of 32,297,688 $SHIB has been burned, however this may not suffice as Shiba Inu burn rate remains in the negative on daily and weekly frames.

According to Shibburn, 32,297,688 $SHIB was burned in the last seven days, representing a 47.20% drop in weekly burn rate. In the last 24 hours, just 919,747 $SHIB were burned, marking a 78.31% drop, extending the lackluster burn action recorded in the week.

The drop in Shiba Inu burn rate coincides with a mixed price action for $SHIB in the week. At the time of writing, $SHIB was down 0.14% in the last 24 hours to $0.000009949 and down 2.21% weekly.

Shiba Inu consolidated for a few days after its drop to a low of $0.00000837 on Nov. 4. In a surge on Friday, Shiba Inu rose from a low of $0.00000902 to $0.000001034 before it started retracing.

Shiba Inu forms golden cross

Shiba Inu has created a short-term golden cross, a bullish chart pattern that forms when a short-term moving average (MA), usually the MA 50, crosses above a long-term MA (the SMA 200) on an asset's price chart.

The golden cross appeared on Shiba Inu's hourly chart on Saturday as its price jumped as much as 11% to a high of $0.00001027 before retracing. As it stands, it seems Shiba Inu might continue to follow the trend of the broader crypto market, which is currently awaiting direction after October's sell-off.

Investors continue to face an economic data blackout amid the government shutdown. A survey from the University of Michigan released on Friday indicated that consumer sentiment approached its lowest level ever, at a reading of 50.3 in November.

With the government shutdown extending for more than a month, macroeconomic concerns linger; support remains at $0.000007 to $0.000008 and resistance might be encountered at $0.00001085 and $0.00001255.