Shiba Inu Community Burns 602 Million Tokens in 24 Hours
Shiba Inu's burn mechanism accelerated, with the community burning 602 million tokens in 24 hours, resulting in a 16,855.93% increase in the burn rate. The total burned surpasses 410.75 trillion tokens.
Strategic Move to Base
The increased burn rate coincides with SHIB's transition to the Base blockchain, introducing a new burn engine aimed at systematically reducing circulating supply. The “Creator Coin” launched on Zora contributes to token burns through user activity fees.
SHIB Price Analysis
Current SHIB price is $0.00001332, down 5.86% for the day. Technical analysis indicates movement within a symmetrical triangle, often preceding a breakout.
- Resistance at $0.00001407 (20-day SMA)
- Bollinger Band upper limit at $0.00001561
- Support level at $0.00001253
The Relative Strength Index (RSI) is at 47.08, indicating indecision among traders, while the MACD shows sellers are dominant.
Whale Dominance
61.51% of SHIB is held by large wallets, highlighting significant whale activity. This concentration suggests strong conviction among holders. The integration of creator fees linked to burns indicates a shift towards a burn-to-earn model.