TLDR
SHIB burn rate increased by 1028.67%, with 463.45M tokens destroyed in a day
Trading volume surged 245% to $6.08B with price up 9% in 24 hours
SHIB recorded its largest weekly gain (64%) since February 2024
Current price around $0.00002625 with resistance at $0.00002750
Analysts predict potential 70% rally to $0.000046 level
A massive reduction in Shiba Inu (SHIB) token supply combined with increased trading activity has led to notable price movements in November 2024.
The meme coin’s burn rate jumped by over 1000% as nearly half a billion tokens were permanently removed from circulation.
According to data from the official burn tracker Shibburn, approximately 463.45 million SHIB tokens were destroyed on November 11, representing a burn rate increase of 1028.67%. This reduction brought the total supply down to 589.26 trillion coins.
The token burning mechanism aims to address one of the main challenges facing SHIB – its large supply. By reducing the number of tokens in circulation while demand remains steady, the process follows basic economic principles that could influence price action.
Weekly burn statistics shared on social media platform X showed that 615.15 million tokens were destroyed over a seven-day period. This consistent removal of tokens from circulation has caught the attention of market participants.
Trading volume has seen a substantial increase, rising 245% to reach $6.08 billion. The price of SHIB reached $0.00002467, marking a 9% increase over 24 hours, with an intraday trading range between $0.00002213 and $0.00002785.
The weekly performance has been particularly strong, with SHIB recording its largest gain since February 2024, rising 64% over six days. This comes during a period of broader crypto market strength, with the total market capitalization approaching $2.915 trillion.
Technical analysis shows SHIB currently faces resistance around $0.00002750, a level where some traders are taking profits. However, market data indicates continued buying pressure, with open interest up 19.31% according to Coinalyze.
Network activity metrics from Santiment reveal the price-daily active addresses divergence has reached an 8-month high, suggesting increased user engagement with the token. The 24-hour trading volume spike of 255% reported by Coingecko indicates growing market participation.
Recent developments in the SHIB ecosystem include Robinhood Crypto EU enabling SHIB transfers for its users, potentially expanding the token’s accessibility in European markets.
Market analysts are watching several key price levels. The immediate focus is on whether SHIB can break through the $0.00002750 resistance. Beyond that, some traders are eyeing the $0.000046 level as a potential target, which would represent a 70% increase from current prices.
Support levels have formed around $0.00001811, with market observers noting that a drop below this price could trigger further declines to $0.000015 or $0.000012.
Currently, SHIB ranks as the second-largest meme cryptocurrency by market capitalization. The token’s daily trading range and volume statistics suggest active market participation from both retail and institutional traders.
The combination of supply reduction through burns, increased trading activity, and broader market optimism has created notable price movement for the token. As of the latest data, weekly trading statistics show a 47% gain for SHIB holders.
On-chain metrics indicate strong market engagement, with both the number of active addresses and trading volume showing sustained increases. This activity comes as the broader cryptocurrency market experiences positive momentum.
The post Shiba Inu Burns 463M Tokens as Weekly Gains Hit 64% in November appeared first on Blockonomi.
