Shiba Inu Burn Rate Increases 690% with 32.3 Million Tokens Removed
Over the past 24 hours, the burn rate of Shiba Inu (SHIB) surged by 690%, with more than 32.3 million tokens removed from circulation. Despite this increase, SHIB's price fell by 3.3%, reflecting broader market trends.
Key facts include:
- More than 410 trillion SHIB tokens have been burned to date.
- Current trading price is $0.00001096, facing resistance at the 20-day Exponential Moving Average (EMA) of $0.00001222.
- Support is at $0.00001066, below which it may test $0.00001000.
- Relative Strength Index (RSI) is at 35.02, indicating potential for a short-term reversal.
Analyst Javon Marks has set a price target of $0.000081 for SHIB, suggesting over 550% upside potential, contingent on broader market recovery.
On-chain analytics indicate a 784% increase in large holder net flows and a 315.4% rise in whale inflows, suggesting renewed interest from institutional investors.
Community engagement is being bolstered by marketing lead Lucie, who emphasized upcoming upgrades to Shibarium and ShibOS as pivotal for the ecosystem.