Shiba Inu burn rate soars 1500%, boosting market optimism for potential price surge.
Key SHIB support at $0.00002260; resistance at $0.00002300 may unlock bullish momentum.
Technical indicators signal possible upside as MACD converges and RSI nears the bullish zone.
Shiba Inu (SHIB), the popular dog-themed meme token, grabbed the market’s attention with a huge jump in its burn rate. On Friday, SHIB’s burn rate soared by 1500% thanks to the burning of over 30 million tokens.
This event has revived speculation about where the token’s price might be headed. Some market watchers wonder if SHIB could hit $0.001 this month. The combination of lower supply and increased market activity has made Shiba Inu a key target for traders looking for bullish opportunities.
Burn Mechanism and Supply Dynamics
The Shiba Inu burn mechanism aims to reduce the number of tokens in circulation. It played a big part in the recent surge. According to data from Shibburn, a community tracker, 33.01 million SHIB tokens were permanently removed from circulation in 24 hours. This is a 1550% rise in the burn rate.
This reduction follows the economic principle of supply and demand. I…
The post SHIB Traders Eye $0.001 as Burn Rate Reaches 1550% High appeared first on Coin Edition.
