Shiba Inu (SHIB) records a significant 357.48% increase in burn rate over 24 hours, with 14 million tokens burned.
Despite a recent price rebound, SHIB bulls face resistance at the $0.000010 to $0.000014 price level, with a major Layer 2 Shibarium milestone approaching.
The cryptocurrency community has observed a substantial uptick in the burn rate of the dog-themed digital currency, Shiba Inu (SHIB). Over the past 24 hours, an impressive 357.48% increase in the token burn rate has been recorded, marking a pivotal moment for the meme coin.
A Surge in SHIB Burn Rate
Data from Shibburn, a platform dedicated to tracking $SHIB token burns, reveals that 14 million (14,000,832) SHIB tokens were burned in the last 24 hours. This significant burn activity has contributed to a notable reduction in the total supply of SHIB tokens. The last seven days alone saw 152,246,124 SHIB tokens removed from circulation through various transactions.
The SHIB community’s efforts to burn tokens align with the broader goal of reducing supply to create scarcity, potentially driving up the coin’s value. This strategy has become a focal point for SHIB enthusiasts aiming to bolster the cryptocurrency’s market position.
Price Movements and Market Resistance
The Shiba Inu price has shown resilience following its recent plunge, rebounding from a low of $0.00000878. In the past 24 hours, $SHIB experienced a modest increase of 0.86%, reaching $0.0000095. However, SHIB bulls striving to eliminate a zero from the token’s price encountered resistance, preventing the price from surpassing the $0.00001 threshold.
The key resistance zone for SHIB is currently pegged between $0.000010 and $0.000014. Data from IntoTheBlock indicates that a significant amount of SHIB was purchased by numerous addresses within this price range, hinting at potential selling pressure as investors reach a break-even point.
The Road Ahead for Shiba Inu
As $SHIB bulls gear up to overcome this price barrier, the overall sentiment and trajectory of the cryptocurrency market remain critical factors influencing SHIB‘s performance. The market is showing signs of recovery following the recent upheaval triggered by the Bitcoin ETF approval.
In a significant development for the Shiba Inu ecosystem, the Layer 2 Shibarium network is nearing a major milestone of 300 million total transactions. This achievement, alongside the growing number of wallet addresses and total blocks, underscores the expanding reach and adoption of the Shiba Inu network.
The increased burn rate and upcoming milestones for Shiba Inu represent key indicators of the token’s growing market presence and investor interest. As the SHIB community continues its concerted efforts to impact the token’s supply and value, the cryptocurrency market watches with keen interest, anticipating the potential implications for Shiba Inu’s future trajectory.
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