After a lackluster beginning to the week, Shiba Inu’s burn activity has experienced a remarkable turnaround, showcasing a 33% increase in the last 24 hours, as reported by Shibburn.com. This increase comes on the heels of a noticeable decrease in the number of SHIB burn transactions, invoking curiosity regarding its potential impact on Shiba Inu’s ongoing battle against selling pressure.
The burn metric of Shiba Inu remains a crucial indicator for gauging sentiment towards this popular meme coin. The recent burn activity highlights a total of 18,684,231 SHIB permanently eliminated from circulation in just 24 hours, marking a thoughtful transition from the previous period. Notably, this burn was accomplished via four separate transactions. The most notable transaction involved a staggering 16,035,545 tokens dispatched to a burn address, complemented by three smaller burns of 1,070,154, 788,643, and 789,889 SHIB.
These numbers, while modest in comparison to previous high-burn sessions, stand out particularly due to the overall subdued nature of SHIB’s burn activity in recent days. Market sentiment has played a pivotal role in this slowdown, marked by a steady decline in Shiba Inu’s price throughout the week. Consequently, the sudden jump in burn rate brings forth questions regarding whether this spike is just an isolated incident or the beginning of a more sustained trend.
Despite the significant 33% increase in burn rate, experts assert that the current levels are insufficient to engender substantial changes in Shiba Inu’s tokenomics. With an existing supply exceeding 500 trillion tokens, the volume of tokens burned currently equates to only a minuscule fraction. As it stands, Shiba Inu’s tokenomic landscape is likely to remain static unless there is a decisive and sustained increase in daily burn rates.
As for price movements, Shiba Inu has been experiencing fluctuations between the $0.0000125 and $0.000013 range. While the outlook seems mixed, there are positive signals emerging from analysts. A recent analysis highlighted a bullish ascending triangle forming in SHIB’s price chart, suggesting that the meme coin could rebound off the lower trendline of this pattern and potentially reach new heights. This favorable sentiment is largely influenced by Shiba Inu’s recent double bounce on support at $0.0000125.
If Shiba Inu maintains its current price level and breaks past the resistance at $0.000013, the momentum may gradually shift in favor of the bulls. Although a healthy burn rate alone won’t serve as a magic bullet, it could create a more optimistic market atmosphere, further aiding this recovery.
As of the latest update, Shiba Inu is trading at $0.00001272, which reflects a slight 1% decline over the last 24 hours. Additionally, trading volume has decreased by 14.5% in the same timeframe, according to Coinmarketcap.
