- The jump in burn rate reflects the growing community effort to reduce SHIB supply.
- Symmetrical triangle pattern points to a possible 17% price move.
Shiba Inu (SHIB) has recorded a sharp rise in its burn rate over the past 24 hours. Shiba Inu’s burn rate jumped by 21.52% within the past day, removing about 32.8 million SHIB tokens from circulation, according to data from Shibburn.
Despite this spike, the 24-hour burn total declined by 68.98% compared to earlier figures, amounting to just 18 million tokens. Over the past week, however, burn volume rose by 46.11%, totaling over 164 million tokens.
This fluctuation reflects ongoing community-driven efforts to create deflationary pressure. SHIB’s total supply remains over 589 trillion tokens, making consistent burn activity critical in supporting price momentum.
Analysts suggest that while short-term effects may be limited, sustained burning could contribute to longer-term value stabilization.
Price Consolidation Inside Symmetrical Triangle Pattern
SHIB is currently trading within a symmetrical triangle on the four-hour chart, indicating a phase of consolidation. The price is moving between a descending resistance line and a horizontal support zone near $0.00001430.
Technical analyst Ali Martinez reports that such a pattern often precedes a breakout or breakdown of roughly 17%, depending on the direction of movement.
Martinez’s latest update shows that SHIB’s price stands at $0.00001462, up 0.19% hourly and 2.59% in the past 24 hours. Market capitalization grew by 2.35%, now estimated at $8.61 billion.
The token is currently trading just above the 0.5 Fibonacci retracement level at $0.00001474, which serves as mid-range support. The upper boundary formed by a descending trendline has limited upward momentum in recent sessions.
Futures Data and Address Activity Support Stable Outlook
However, Futures open interest for SHIB has seen fluctuations over the past year. Glassnode Data shows a peak near $600 million in late 2021, followed by periods of decline. Recently, open interest has recovered to over $200 million, aligning with relatively steady price movement around the $0.000014 mark.
According to on-chain metrics, active SHIB addresses and daily transactions have held steady, ranging between 10,000 and 15,000. Occasional spikes indicate continued interest among users. Analysts interpret this trend as a sign of genuine participation rather than speculative trading.
Funding rates in SHIB futures markets remain positive, suggesting a mildly bullish trader sentiment. Market watchers view the combination of steady address activity and favorable funding as signs of cautious optimism in the short term. This data supports the view that SHIB maintains a solid user base even without major market hype.
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.
