Shiba Inu Burn Rate Slips 72%; What’s Next for SHIB Price?The Shiba Inu community’s consistent efforts to reduce token supply hit a snag recently, as the burn rate plummeted 72% in just 24 hours. This decline has raised concerns among investors, particularly as SHIB’s price experienced a simultaneous dip amid a broader crypto market selloff. However, there are signs that SHIB’s future may not be as bleak as it seems, with both technical and fundamental factors coming into play.
Shiba Inu Burn Rate: A Key Market Indicator
Token burns have been a critical part of the Shiba Inu ecosystem, aimed at reducing supply and creating scarcity to drive up the token’s value. Over 2024, the community successfully burned 44.62 billion tokens, demonstrating strong commitment despite challenges.
Recent data from Shibburn reveals that the burn rate fell by 71.56% in the last 24 hours, with only 8.73 million SHIB tokens burned. The two largest burns, conducted by the same account, totaled just under 900,000 tokens. While this represents a sharp decline, it’s worth noting that the burn rate over the past seven days surged 164.53%, with over 102.86 billion tokens removed from circulation. These mixed signals highlight the need for careful analysis of SHIB’s potential trajectory.
Technical Analysis
As of now, SHIB is trading at $0.0000213, up 0.40% in the past 24 hours. The Relative Strength Index (RSI) sits at 33, indicating oversold conditions. This suggests a potential reversal if buying pressure increases. Immediate support is identified at $0.0000180, which could serve as a critical demand zone.
However, SHIB’s price movement is closely tied to Bitcoin’s performance. Should BTC dip to the $70,000-$80,000 range, SHIB’s support level may flip into a resistance zone, leading to further price declines. On the flip side, SHIB Futures Open Interest rose 34%, signaling strong market momentum that could drive a recovery if broader market conditions improve.
Ecosystem Developments
Shiba Inu’s fundamentals are also evolving, with new developments boosting market sentiment. Lead Developer Shytoshi Kusama recently outlined a vision for transforming SHIB from a meme coin to a “Shib Network State,” emphasizing the utilities of ecosystem tokens like SHIB, BONE, LEASH, and the soon-to-be-launched TREAT.
The TREAT token, set to launch on January 14, has generated significant excitement within the community. Many analysts believe this could catalyze SHIB’s price recovery, especially if paired with broader market improvements. Additionally, the Shiba Inu community’s continued dedication to burning tokens remains a cornerstone of its strategy to enhance value.
Market Sentiment and Broader Trends
The general crypto market sentiment remains bearish, with the Fear and Greed Index dropping to 42. Despite this, SHIB has shown resilience, rising 0.47% in the last trading session—a modest gain but notable in a declining market.
Conclusion
While the sharp decline in Shiba Inu’s burn rate raises concerns, the token’s oversold technical indicators and ongoing ecosystem developments suggest potential for recovery. Investors should closely monitor key support levels, Bitcoin’s price action, and upcoming milestones like the TREAT token launch. With strong community backing and strategic advancements, SHIB may yet reclaim its momentum in the evolving crypto landscape.
Burnrate
Shiba Inu Burn Rate Soars 83000% As Whale Shifts 4 Trillion SHIBShiba Inu Burn Rate: Shiba Inu has gained significant traction within the broader crypto market as the SHIB burn rate rockets to 83000% amid major whale activity.
Shiba Inu Burn Rate: One of the most popular meme coins, the Shiba Inu cryptocurrency, captivated significant attention throughout the broader crypto market today. With the Shiba community witnessing a colossal surge in the SHIB burn rate, a whale transaction detected also appears to have stirred up speculation among crypto market enthusiasts.
Furthermore, with the SHIB tokenomics witnessing a gust of developments, the token’s price also appears to have surged phenomenally. Meanwhile, the price also ditched one zero from its value, igniting interest among crypto traders and investors.
SHIB Burn Rate Surges Amid Whale Activity
The Shiba Inu burn rate over the last 24 hours catapulted a whopping 82896%, evoking bullish market sentiments among crypto market fanatics. Moreover, the token noted 23 million SHIB coins burnt at the time of writing. In the interim, the community marked a total of 410.67 trillion coins burnt from the initial supply.
What’s even more intriguing is Whale Alert, a platform providing on-chain data, recently revealed a massive whale transaction amid the burning of coins. Concerning the data, an unknown wallet, 0xda2d9398…95bbe536f9, transferred 4.23 trillion SHIB to another wallet, 0x824ca70d…d5d9d066cd. The coins transferred amounted to $42.21 million as of today, December 9.
The colossal whale activity amid the meteoric burn rate appears to have triggered an immense bullish market sentiment for the SHIB token. Furthermore, it also seems like the token is eyed by many smart money wallets, aligning with its price pump.
Shiba Inu Price Maintains Price Rally.
The self-proclaimed Dogecoin killer, Shiba Inu’s price noted a jump of 3.02%, reaching $0.00001033 at the time of writing. Besides, the coin also marked a substantial increase of 23.12% during the past seven days, accompanied by a monthly pump of 19.91%.
Moreover, the token also shredded a zero from its value recently. Although the coin’s price underwent volatile trading in recent weeks, the SHIB cryptocurrency appears to be portraying a promising outlook in the near future.