The burn rate of Shiba Inu has skyrocketed by 6,223%, with 281,875 SHIB burned in 24 hours, reducing the circulating supply to 583 trillion tokens.
In the past 24 hours, the price of SHIB has increased by 4.98%, trading at $0.000025. The price of SHIB has risen by 31% this month and has increased by 144% year-to-date.
The burn rate of Shiba Inu (SHIB) has seen an astonishing increase, igniting hope among investors that this meme token could still reach its all-time high (ATH) despite having gone through some tough times. In recent weeks, its burn rate has surged an incredible 6,223%, demonstrating a strong push to reduce supply and create scarcity—two key factors that drive up prices.
According to the latest data, a total of 281,875 SHIB have been burned in the past 24 hours. Over the past few months, more than 410 trillion SHIB have been burned, reducing the circulating supply to about 583 trillion tokens. Such a large-scale operation could make the cryptocurrency supply more limited, and analysts believe that if the supply continues to decrease, SHIB may see a positive turnaround.
As the cryptocurrency market shows signs of recovery, the burn rate of Shiba Inu is on the rise, currently with a market cap exceeding $3 trillion. Despite Shiba Inu being down more than 70% from its peak, a higher burn rate and market recovery could soon lead to a price increase.
Is Shiba Inu ready for a new ATH?
The price of Shiba Inu has begun to rise, showing the results of recent efforts. According to the CNF SHIB price index, the price of SHIB has also increased by 4.98% in the past 24 hours, trading at $0.000025. Over the past month, its price has risen by over 31%, with a year-to-date increase exceeding 144%.
In addition to the continued support from the SHIB community, key updates from the development team are considered the most reasonable factors for the rise in Shiba Inu prices. The Shibarium burn portal has been helpful in this regard, providing users with a simple way to reduce token supply. This initiative has transformed SHIB from a meme coin into a platform with real utility, creating more demand.
From a broader trend, Shiba Inu seems to be preparing for a possible price increase. After months of consolidation, SHIB is testing the key resistance level of $0.000025. If this level is maintained, it could open the path for further rises—with a resistance level at $0.00003. Breaking through this level would mean setting new highs, climbing back to previous peaks.
One factor boosting confidence is that the 50-day and 200-day moving averages of SHIB have recently shown an upward trend. Both key signals have been breached recently, suggesting that SHIB may be entering a bullish phase. More importantly, trading volume has been on the rise, indicating that investor interest in SHIB is growing and may drive its price higher.
61% of Shiba Inu holders are in profit
On-chain data shows that large investors (or whales) are becoming increasingly active in the Shiba Inu market. In the past week, the total trading volume exceeding $100,000 reached $2.69 billion, indicating strong investor interest. About 61% of Shiba Inu holders are in profit, which could encourage more buying if prices continue to rise.
However, there is a warning. About 31% of SHIB addresses are in a state of loss, indicating that some holders are struggling with the current price. Whales control 73% of SHIB, which increases the risk. While they can help support the price, their ability to influence the market means that large-scale sell-offs could lead to sudden price drops. Nevertheless, trading volume in the past 24 hours remains strong at 3.4 trillion SHIB, indicating that the market is still active.
