- SHIB burn rate surged 16,715% with 601 million tokens removed.
- Price declined 5% despite deflationary activity increasing supply pressure.
- Resistance at $0.00001411 continues to block SHIB’s upward momentum.
Shiba Inu (SHIB) has recorded a major spike in token burns over the past 24 hours. The burn rate increased by more than 16,700%, removing over 601 million tokens from circulation in a single day.
Weekly burn activity also saw a sharp rise, indicating heightened deflationary pressure. Despite this, SHIB’s price declined, facing resistance and testing key support levels.
Massive Spike in SHIB Burns Fails to Lift Price
Data shows that Shiba Inu’s 24-hour burn rate rose by 16,715.77%, permanently removing 601 million tokens. Over the past week, about 616.3 million SHIB tokens were burned, marking a 368.98% increase compared to the previous seven-day period. Analysts say such burns aim to lower circulating supply and support long-term value.
However, the price has not reflected the burn momentum. At the time of reporting, SHIB trades at $0.00001348 down 5.03% over the past 24 hours. The token also dipped by 0.35% in the last hour alone. Market capitalization dropped 3.70%, now standing at $8 billion. The total supply of SHIB remains vast at 589.2 trillion tokens, meaning burn efforts may require sustained intensity to affect price action.
Support and Resistance Define Short-Term Movement
The price chart reflects bearish pressure throughout the trading session. Attempts to push higher were blocked by resistance near $0.00001411. This level acted as a ceiling earlier in the day, rejecting upward momentum.
On the downside, SHIB found support around $0.00001300. It bounced from this level several times, indicating buyer activity in that zone. Analysts noted that a breakdown below $0.00001300 could lead to deeper losses. Conversely, a breakout above $0.00001411 could open the door for a short-term rebound.
While deflationary trends continue to shape SHIB’s tokenomics, immediate price recovery remains uncertain. Analysts suggest monitoring key support and resistance zones to gauge near-term market sentiment.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
