Shiba Inu (SHIB) has experienced recent changes in its burn rate and price performance.
Over the past 24 hours, the burn rate increased by 243.34%, with over 1.7 million tokens removed from circulation. Despite this, the token’s price remains under pressure, trading at $0.00002122 with a market cap of $12.49 billion.
Burn Rate Trends and Current Market Conditions
Shiba Inu’s burn rate refers to the process of permanently removing tokens from circulation to reduce supply and potentially increase scarcity. In the past week, SHIB burned over 62 million tokens, marking a 95.66% increase.
While these efforts aim to improve token scarcity, they have yet to show a direct impact on the token’s price, which has declined by 4.74% over the last seven days.
According to Shibburn, SHIB’s total supply currently stands at 589 trillion tokens. The cryptocurrency’s market cap has seen a 4.84% drop in the past 24 hours, reflecting ongoing bearish sentiment in the market.
While token burns remain a key strategy for the SHIB ecosystem, broader market trends and overall sentiment appear to have a stronger influence on price performance.
Technical Indicators Suggest Mixed Signals
The SHIB/USDT daily chart shows the token trading near a support level of $0.00002050. The RSI is at 38.21, indicating that SHIB is approaching oversold territory.
This could signal a potential reversal if buyers return, although bearish momentum still appears dominant in the short term.
Source: TradingView
The MACD indicator reveals a bearish crossover, with the MACD line below the signal line and negative histogram bars widening. However, the flattening of the histogram suggests that selling pressure may be easing.
If SHIB holds above the $0.00002000 support level, it may attempt a recovery toward the $0.00002300 resistance. Failure to hold support could push the price down to $0.00001800.
Shiba Inu Metaverse and Outlook for 2025
The Shiba Inu development team, led by Shytoshi Kusama, has expressed optimism about the project’s future. Kusama recently shared his enthusiasm for upcoming developments, stating,
“Next year will be epic, and I am so excited to share what we’ve built.”
Mondays we will speak on MemesTuesdays about #Treat and how it fitsWednesday (Magazine no Podcast)Thursday Tech TalkFriday I do shootouts and Follows Saturday is all about Spirituality And Sundays remain for our Tournaments (no podcast).
— Shytoshi Kusama (@ShytoshiKusama) December 30, 2024
One key project is the Shiba Inu Metaverse, which saw its public launch this year. The Metaverse includes themed hubs such as the WAGMI Temple and Rocket Pond, designed to bring the SHIB community together. As these projects gain momentum, the SHIB ecosystem aims to position itself for further growth in 2025, combining innovation with efforts to reduce supply.
Shiba Inu continues to focus on burn strategies, technical analysis, and new initiatives like the Metaverse, keeping the community engaged for what lies ahead.
FAQs:
What is Shiba Inu’s current price and market cap?
SHIB is trading at $0.00002122 with a market cap of $12.49 billion.
How has SHIB’s burn rate changed recently?
The burn rate increased by 243.34% in the last 24 hours, burning 1.7 million tokens.
What is the outlook for Shiba Inu in 2025?
Developments like the Metaverse and burn strategies aim to boost SHIB’s growth in 2025.
The post Shiba Inu (SHIB) Analysis: Burn Rate Soars 243% as 2025 Metaverse Plans Unfold appeared first on Coinfomania.
