In the last day, the community has burned millions of Shiba Inu (SHIB), a cryptocurrency with a dog motif, reducing the overall supply. This has resulted in a favourable shift in the cryptocurrency’s burn rate.
Shibburn, a platform that monitors SHIB burns, reports that in the past 24 hours, there has been a 357.48% rise in the burn rate, with 14 million (14,000,832) SHIB burnt.
https://x.com/shibburn/status/1749039193186066805?s=20
Through a variety of trades, 152,246,124 SHIB were burnt during the previous seven days.
Bulls in Shiba Inus tried again to take a zero out of the SHIB price, but they were unable to get beyond the $0.00001 barrier. On January 20, the SHIB price hit a high of $0.0000098 before bulls ran into resistance, which stopped the price rise from Friday’s lows.
Following its Friday plunge to a low of $0.00000878, the price of Shiba Inus increased. Early Sunday trade saw modest gains held; SHIB is now up 0.86% over the past 24 hours at $0.0000095.
To lock up significant gains, bulls would need to make a strong push at the $0.000010–$0.00014 barrier on the upside.
260,230 addresses purchased 168.53 trillion SHIB between $0.000010 and $0.000014, according to IntoTheBlock statistics. Since this resistance cluster is the largest, selling pressure may be anticipated as investors try to liquidate their positions when they approach the break-even point.
Having said that, bulls seem to be holding off for the time being in order to gather the strength needed to go past this obstacle and preserve the present SHIB price levels.
As things stand, though, SHIB’s price performance may be influenced by the general mood and movement of the cryptocurrency market, which is now recovering from the decline that followed the introduction of the Bitcoin ETF.
Significant news: 300,000,000 total transactions on Shiba Inu Layer 2 Shibarium are going to occur. As per the Shibariumscan explorer, there have been 299,843,710 transactions in total as of right now. There are now 1,342,739 wallet addresses and 2,757,656 total blocks.
