SHIB Burn Rate Explodes 226%: What the Heck Is Going On?!

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So, I wake up this morning, and what do I see? Over 2.26 million SHIB tokens have vanished into thin air. Can you believe it? It’s like they just decided to take a permanent vacation. 🤷‍♂️

According to some data from Shibburn, the daily Shiba Inu burn rate has skyrocketed by 226%. I mean, that’s a lot of SHIB going up in smoke. The community is all hyped up about reducing the circulating supply, but can we talk about the environmental impact? 🌍

And just to give you the numbers: 2,261,918 SHIB were burned in the last 24 hours, while 44,838,526 were destroyed in the last seven days. That’s a lot of zeros, folks.

HOURLY SHIB UPDATE
$SHIB Price: $0.00001622 (1hr -0.25% ▼ | 24hr 7.15% ▲ )
Market Cap: $9,558,546,836 (7.04% ▲)
Total Supply: 589,255,623,674,756

TOKENS BURNT
Past 24Hrs: 2,261,918 (226.69% ▲)
Past 7 Days: 44,838,526 (-96.16% ▼)

— Shibburn (@shibburn) February 9, 2025

But wait, there’s more! Shiba Inu just announced a partnership with the UAE’s Ministry of Energy and Infrastructure (MoEI) to use blockchain technology in public services. I mean, who wouldn’t want to streamline their government with a dog-themed cryptocurrency? 🐶

MoEI will integrate blockchain-based programs and apps into government services via Shiba Inu’s operating system (ShibOS), which is based on Shibarium, a Layer-2 blockchain. It’s supposed to streamline procedures, increase transparency, and improve security. Sounds like a plan, right?

Shiba Inu Price Action

At the time of writing, SHIB was up 0.61% in the last 24 hours to $0.0000157. Shiba Inu surged for two days in a row following Friday’s bounce from lows of $0.00001462 to highs of $0.00001653, before retreating. It’s like a rollercoaster, but with less excitement and more anxiety. 😬

Shiba Inu has risen in the cryptocurrency rankings, becoming the 16th largest cryptocurrency with a market valuation of $9.25 billion. Not bad for a dog coin, I guess.

On the upside, bulls’ first goal would be to convincingly break above the daily moving averages, specifically the critical daily SMA 50 and 200 levels at $0.0000204 and $0.0000192. This would force SHIB to depart its range trading; precisely, a break above the daily SMA 200 would take SHIB above the lower range, and a break above the daily SMA 50 would take SHIB out of the previously traded higher range.

If SHIB breaks over the daily SMA 50 at $0.0000204, it will aim at the $0.0000334 high again. Another possibility is that Shiba Inu continues to consolidate below its daily moving averages of 50 and 200. However, if the price drops, Shiba Inu may test support near $0.0000116. So, stay tuned, folks. This could get interesting. 🤞

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2025-02-09 19:09