TLDR
SHIB burn rate increased by 1500% with over 30 million tokens removed from circulation in 24 hours
Currently trading at $0.00002264 with a 2% daily gain
Shibarium Layer-2 solution showing increased adoption rates
Lead developer confirmed upcoming TREAT token launch
Technical indicators show RSI at 58 with strong support at $0.00002000
Shiba Inu (SHIB) marked a notable development in its ecosystem as the project recorded a 1500% increase in its token burn rate over the past 24 hours. According to data from Shibburn, the official community tracker, 33.01 million SHIB tokens were permanently removed from circulation during this period.
The token’s price responded to these developments with a 2% gain, reaching $0.00002264. Trading activity showed a daily range between $0.00002198 and $0.00002294, indicating steady market movement amid the increased burn rate.
Weekly burn statistics reveal a broader pattern of supply reduction, with 44.03 million tokens removed from circulation over the past seven days. These burns represent permanent removals from the total supply, potentially affecting the token’s long-term value proposition.
The project’s lead developer, Shytoshi Kusama, added to the momentum by confirming plans for the launch of a new token called TREAT. This announcement comes as part of ongoing ecosystem expansion efforts, though specific details about the token’s utility remain under wraps.
Technical indicators present a mixed but generally stable picture. The Relative Strength Index (RSI) stands at 58, suggesting room for potential upward movement while staying clear of overbought territory. The token maintains strong support at the $0.00002000 level.
The Average Directional Index (ADX) reading of 40 points to a strengthening market trend. This technical indicator, combined with consistent trading volumes, suggests sustained market interest in the token.
Moving averages provide additional context, with the 50-day average at $0.00002150 serving as immediate support. The 200-day moving average at $0.00002300 represents a key resistance level that traders are watching closely.
Shibarium, the project’s Layer-2 scaling solution, continues to gain traction. This technical upgrade aims to address transaction speed and cost issues, making the network more efficient for users and developers alike.
The burn mechanism remains a central feature of SHIB’s tokenomics. By permanently removing tokens from circulation, the process creates scarcity in the total supply. Over 33 million tokens were burned in the latest 24-hour period.
Price movement data shows clear resistance at $0.00002420, while support holds firm at $0.00002000. These levels have become key markers for traders monitoring the token’s price action.
Recent ecosystem developments extend beyond token burns. The project team has been working on various technical upgrades and partnerships to enhance the network’s utility and adoption.
The confirmation of the TREAT token launch represents another step in the ecosystem’s expansion. While details remain limited, the announcement has generated interest within the community.
Trading volumes have remained stable throughout these developments, indicating sustained market participation. The token maintains active trading across major exchanges.
The project’s development team continues to focus on technical improvements. These include updates to the Shibarium Layer-2 solution and other infrastructure enhancements.
The latest burn statistics, combined with ongoing development activities, provide a clear picture of current ecosystem activity. The removal of over 30 million tokens in 24 hours represents one of the largest recent burn events.
The post Shiba Inu Price: Massive SHIB Token Burn Sparks Price Movement as Ecosystem Expands appeared first on Blockonomi.
