Shiba Inu Burn Rate Skyrockets 486% as 1.4 Billion SHIB Vanishes

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As a seasoned crypto investor with a knack for spotting trends and a portfolio that includes a fair share of meme coins, I must say the recent developments in Shiba Inu have caught my attention. The staggering 486% increase in burn rate over the last 24 hours is nothing short of impressive, especially considering the overall bearish market sentiment.

Over the past day, Shiba Inu has seen significant advancement in shrinking its total supply. The rate at which SHIB tokens are being destroyed or “burned” has surged an impressive 486%, resulting in approximately 1.4 billion SHIB tokens being eliminated from circulation by being transferred to inactive wallets.

As reported by Shibburn X handle, approximately 1.45 billion SHIB coins were destroyed within the past 24 hours, which marks a significant jump of 486.32% in the burning rate. Over the last seven days, a total of about 1.77 billion tokens have been burned, signifying a substantial weekly burn rate increase of 806.67%.

1-Hour SHIB Price Update:

— Shibburn (@shibburn) November 30, 2024

The large decrease in SHIB tokens being burned yesterday is among the biggest daily drops seen in recent times, suggesting that the community is actively involved and showing strong support.

Apart from the current increase in burn rate, there’s been noticeable high-level Shiba Inu trading by large investors, or “whales.

Based on information from IntoTheBlock, the volume of large transactions for Shiba Inu has skyrocketed by an impressive 396.38%, equating to approximately $245.63 million or 9.42 trillion SHIB. Additionally, over this same period, Shiba Inu has experienced a substantial growth in daily active addresses, rising by 19.5% to reach a total of around 8,720.

Currently, Shiba Inu (SHIB) has increased by approximately 3.25% over the past 24 hours, placing its value at around $0.00002685. Even though burns can decrease the coin’s supply, the influence on price is frequently contingent upon various market variables, such as demand, economic factors, and overall market sentiment.

Shiba Inu price action

Initially hitting a low of $0.0000248 on November 28, Shiba Inu has since rebounded and peaked at $0.0000275 in its latest session, as observed now.

The Shiba Inu is currently following a symmetrical triangle formation, which suggests that both buyers and sellers are uncertain about their next move.

As a researcher studying Shiba Inu’s market behavior, I have noticed an intriguing potential development. If buyers manage to drive the price beyond the triangle formation, there’s a strong possibility that Shiba Inu could encounter resistance at approximately $0.000030. A successful break above this level and subsequent close would complete an inverted head-and-shoulders pattern, potentially setting off a bullish run towards $0.000039.

In another scenario, if there’s a break and closing beneath the triangle pattern, it suggests that the buyers might be losing their grip on Shiba Inu. This could potentially drive its price down to around $0.000020, which is where traders anticipate new buying activity.

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2024-11-30 18:16