Shiba Inu (SHIB) Burn Rate Surges 6,519%, Over 28 Million Tokens Removed
The meme coin Shiba Inu (SHIB) has experienced a significant increase in its token burn rate, up by 6,519% on May 13, resulting in over 28 million tokens removed from circulation. This initiative aims to enhance long-term scarcity and utility by decreasing the circulating supply.
- Over 410.7 trillion SHIB tokens have been burned from the initial supply.
- Current circulating supply is approximately 584.4 trillion tokens; total supply is 589.25 trillion.
- 24-hour trading volume increased by over 30%.
Price Update
Despite the surge in burn rate, SHIB's price fell nearly 8% to $0.00001532, with a market cap of $9.05 billion. The daily price chart shows expanding Bollinger Bands and a retracement after reaching the upper band, indicating potential overbought conditions.
- Key support level at $0.00001402 (20-day SMA).
- RSI around 63, down from above 80, suggesting cooling bullish momentum.
- A drop in RSI could signal a bearish reversal.
Investor CW noted that SHIB must surpass the resistance at $0.000017 to advance, with the next major resistance at $0.0000224.
$SHIB is trying to break through the sell wall.
If it breaks through the current sell wall, the next one is $0.0000224. pic.twitter.com/pg7EwRD8uo
— CW (@CW8900) May 12, 2025
Overall, while SHIB’s burn rate increases, price action indicates volatility and the need for close monitoring of key levels.