Shiba Inu Burn Rate Jumps 2,740% Amid Speculation of Price Rally
Shiba Inu (SHIB) has experienced a significant increase in its burn rate, rising by 2,740% in one day and removing 6.3 million tokens from circulation. Over 410.75 trillion SHIB have been burned since inception, but the circulating supply remains around 584.5 trillion, maintaining inflation pressures.
Currently, SHIB's price is stable at $0.00001367, despite an 8% decrease in value over the past week, resulting in a loss of over $700 million in market cap. However, whale investors have purchased approximately $64 million during this dip.
Market Analysis
- SHIB has formed a descending wedge pattern on the weekly chart, indicating reduced bearish momentum.
- The price bounced off a support level around $0.000010 in June, suggesting a potential trend reversal.
- A breakout above $0.0000160 could lead to further gains towards $0.0000330.
- On the daily chart, SHIB is near the Bollinger Bands' middle band, with major resistance at $0.00001601.
- RSI shows neutral momentum but may turn bullish if it crosses 60.
- A decline below $0.00001200 could lead to risks toward $0.00001050.
Snorter Bot ($SNORT) Presale
Interest is growing for Snorter Bot (SNORT), a Telegram-based trading assistant designed for meme coin enthusiasts and DeFi traders. It allows users to trade seamlessly within Telegram, starting with the Solana network.
$SNORT Token Details
- Token price: $0.0993
- Funds raised: $2.38 million
- Total supply: 500 million tokens
Snorter Bot aims to streamline DeFi trading with advanced features and fast execution, targeting ease of use for everyday traders.