Shiba Inu is making progress in reducing its total supply, as the SHIB burn rate has increased by a staggering 486% over the last 24 hours, with 1.4 billion SHIB tokens permanently removed from circulation by being sent to dead wallets.
According to Shibburn X handle, 1,453,991,866 SHIB has been burned in the last 24 hours, representing a 486.32% surge in burn rate. Meanwhile, 1,768,457,638 tokens have been burned in the last seven days, representing an 806.67% increase in weekly burn rates.
HOURLY SHIB UPDATE$SHIB Price: $0.00002569 (1hr 0.09% ▲ | 24hr -0.01% ▼ )Market Cap: $15,168,321,575 (0.62% ▲)Total Supply: 589,260,224,078,945TOKENS BURNTPast 24Hrs: 1,453,991,866 (486.32% ▲)Past 7 Days: 1,768,457,638 (806.67% ▲)
— Shibburn (@shibburn) November 30, 2024
The recent burn activity represents one of the largest single-day reductions in SHIB supply in recent weeks, indicating substantial community participation and support.
In addition to the recent surge in burn rate, significant Shiba Inu whale activity has been spotted.
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According to IntoTheBlock data, Shiba Inu has seen a 396.38% increase in large transaction volume amounting to $245.63 million or 9.42 trillion SHIB. Shiba Inu has also witnessed a 19.5% increase in daily active addresses over this same period, totaling 8,720.
At the time of writing, SHIB was up 3.25% in the last 24 hours to $0.00002685. While burns help reduce supply, the impact on price often depends on other market factors, including demand, macroeconomic factors and broader market sentiment.
Shiba Inu price action
Shiba Inu extended its recovery from Nov. 28 lows of $0.0000248 to reach intraday highs of $0.0000275 at the time of writing.
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Shiba Inu is trading in a symmetrical triangle pattern, signaling hesitation between bulls and bears.
If buyers push the price above the triangle, Shiba Inu might reach the $0.000030 resistance. A break and close above $0.000030 will complete the inverted head-and-shoulders pattern, paving the way for a rally to $0.000039.
Alternatively, a break and close below the triangle will indicate that the bulls are losing control. Shiba Inu may fall to $0.000020, where buyers are expected to enter.
