Shiba Inu: Rebound in August followed by a decline, the 200-day moving average resists SHIB
2026-08-31 19:50:01
According to CoinMeta, on August 31st, Shiba Inu tested a key support level of $0.000005. Despite a surge in the token burn rate of over 1,000%, there was an increase in inflows to exchanges and a cooling down in derivative activities. On August 31st, the trading price of SHIB was around $0.00000504, with a market capitalization of nearly $2.97 billion. The token briefly broke through $0.000006 during August but was then forced back down to the psychologically important $0.000005 range by sellers. The 100-day exponential moving average of SHIB is close to $0.000005, creating a convergence of psychological and technical support. On August 29th, SHIB recorded a net inflow of approximately 145.9 billion tokens, compared to about 261.7 billion on the previous day. Although positive inflows do not necessarily mean that these tokens will be sold, they do increase the available supply on exchanges and may indicate profit-taking. Derivative data for SHIB also show a weakening of speculative momentum, with the total open interest in futures declining from around $74.3 million on August 22nd to $47.9 million on August 30th, a decrease of about 36%.
Source:Coinpaper
This content is for market information only and does not constitute investment advice.
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