{/* Main cover image retained with alt text */}

The popular meme cryptocurrency, Shiba Inu (SHIB), is currently facing significant pressure, with its price falling to approximately $0.0000103. This represents a drop of 6.36% over the past 24 hours and a more substantial 13.62% decline throughout the past week.

As a result of the price dip, SHIB's market capitalization has decreased to around $6.07 billion. This downward movement isn't unique to SHIB, as the broader cryptocurrency market, including giants like Bitcoin and Ethereum, is also experiencing losses.

The primary driver behind this market instability appears to be escalating geopolitical tensions, particularly between Israel and Iran. Such global uncertainty often leads investors to pull back from riskier assets like cryptocurrencies, triggering widespread sell-offs.

SHIB Token Burn Activity Shows Fluctuating Trends

Amid the price decline, the activity around burning SHIB tokens – a process intended to reduce the token supply and potentially increase scarcity – presents a mixed picture.

According to the latest updates, the total supply of SHIB still exceeds 589 trillion tokens. Recent burning efforts show a significant surge in the short term, with about 27.8 million SHIB tokens burnt in the past 24 hours, marking an increase of over 1500% compared to the previous period.

However, looking at a wider timeframe, token burns over the last seven days have seen a sharp decrease of 94.6%. This highlights inconsistent efforts or effectiveness in reducing the overall supply, which is crucial for long-term price appreciation, especially under market pressure.

Technical Analysis: SHIB Faces Potential Breakdown

From a technical standpoint, Shiba Inu's position looks bearish. The coin is trading below key moving averages, including the 20, 50, 100, and 200-period Simple Moving Averages (SMAs). This indicates that the short, medium, and long-term trends are currently unfavorable.

SHIB has also failed to hold onto important support levels around the $0.0000110 mark and below. This failure increases the risk of further price declines unless the token can gather enough momentum to break above resistance levels, particularly near $0.0000116.

The combination of negative technical indicators, mixed token burn data, and external macroeconomic/geopolitical pressures suggests a challenging period ahead for Shiba Inu unless market sentiment shifts positively.