- Shiba Inu’s (SHIB) burn rate has dramatically increased by 4,907% in the last 24 hours.
- This surge in burn rate sparks speculation about a possible increase in SHIB’s price, which has been relatively stagnant recently.
The meme-based cryptocurrency Shiba Inu (SHIB) is currently witnessing a staggering 4,907% increase in its burn rate, stirring excitement among investors and market analysts. According to data from Shibburn, a platform dedicated to tracking SHIB token burns, this dramatic rise marks a significant shift from previous burn rates.
Understanding the Burn Rate Surge:
In the span of 24 hours, the Shiba Inu network has seen 19,387,761 SHIB tokens being burned across nine transactions. This activity represents a sharp escalation from the previous day, where only 387,207 SHIB tokens were burned. The weekly burn rate also reflects this upward trend, showing a 38.16% increase with a total of 210,346,123 SHIB tokens burned in the last seven days.
The concept of ‘burning’ tokens in the cryptocurrency world involves sending them to an inaccessible wallet, effectively removing them from circulation. This practice can potentially drive up the value of the remaining tokens due to the principles of supply and demand.
Shiba Inu’s Price Movement Amid the Burn:
Currently, SHIB‘s price remains relatively flat, hovering around the $0.000009 mark, showing little volatility. This stagnation comes even as Bitcoin (BTC), the market leader, is deciding its next directional move.
Despite the lackluster price action, Shiba Inu did experience a modest rebound from its low of $0.00000843 on January 23, maintaining above this level for several days. However, its price ascent has been sluggish, with bulls struggling to push SHIB’s price past the recent high of $0.00000925 on January 28.
Potential Price Trajectories for SHIB:
Looking ahead, if SHIB‘s price continues to climb, it might target the next resistance level at $0.00000984, followed by the psychologically significant $0.00001 level. A break above $0.0000100 could signal a positive turnaround, potentially leading to a rise towards the $0.0000200 level, unseen since May 2022.
Conversely, a fall below the crucial support level of $0.0000085, which has underpinned SHIB‘s price throughout January, could indicate a bearish trend and further price declines. The next support levels to monitor would be $0.000008 and $0.000007, previously strong demand zones.
As the SHIB community watches the burn rate soar, anticipation builds around the potential impact on the cryptocurrency’s price. This significant increase in burn rate could be a precursor to a major price movement, setting the tone for SHIB‘s market behavior in the coming months. Whether this leads to a breakout or breakdown is a developing story that remains closely watched by investors and enthusiasts alike.