Shiba Inu Burn Rate Surges to 112,000% Amid Ongoing Price Decline
Shiba Inu's (SHIB) supply-side dynamics show strong bullish signals, yet the cryptocurrency is under selling pressure.
Key developments include:
- SHIB's burn rate surged to over 112,000%, with 116 million coins permanently removed from circulation.
- Over 527 trillion SHIB tokens are nearing profitability.
- Record wallet growth exceeded 1.5 million unique addresses.
- Significant increases in Shibarium layer-2 transactions were noted.
Despite these factors, SHIB trades at $0.00001190, reflecting a 2% drop in 24 hours and nearly 5% weekly decline. The token faced selling pressure with volume exceeding 500 billion units, establishing resistance at $0.0000122.
Key technical insights
- A double-bottom pattern suggests a potential rally of 20% to $0.000016.
- Resistance is confirmed at $0.0000122, supported by high trading volumes.
- The trading range ($0.00001203-$0.000012) indicates consolidation.
- Volume spikes coincided with attempts at price recovery.