The dog-themed cryptocurrency Shiba Inu (SHIB) has experienced a significant 489% surge in burn rate.
19,345,086 SHIB tokens were burned in the last day, according to the Shibburn X account. This is a 489.87% increase in the SHIB burn rate.
The notable increase in the burn rate coincides with a time of volatility in SHIB’s price, which has seen a decline. In the cryptocurrency market, price falls are normal; however, the concurrent rise in the burn rate may indicate a coordinated attempt by the SHIB community to enhance the token’s scarcity and maybe stabilise its value.
https://x.com/shibburn/status/1780129049752281268
A lower supply combined with a constant or rising demand would usually result in higher prices. However, a wide range of factors, such as investor attitude, market trends, and overall economic conditions, can have an impact on market dynamics.
As of this writing, SHIB has dropped 8.78% to $0.000021 in the previous day, echoing the sell-off in the cryptocurrency market as a whole, which saw Bitcoin drop below $64,000. Most cryptocurrencies are likewise suffering from substantial losses.
Selling pressure is presently present in the cryptocurrency market as the positive argument for cryptocurrencies and equities seems to be undermined by the decreasing likelihood of a Fed rate decrease and increasing bond rates.
Shiba Inu price faces critical test
After its recent decline, Shiba Inu (SHIB) is now at a crucial point in its price history. Based on statistics from IntoTheBlock, 44,710 addresses purchased 46.11 trillion SHIB at an average price of 0.000022 between $0.000020 and $0.000023.
This is not only a range of prices; it might also serve as a gauge of how resilient the coin is. The result will give a clear indication of what to anticipate from the token with a dog theme, regardless of whether SHIB surges upward or stays stable.
The cryptocurrency market is anxious to see if SHIB will hold at this price as it gets closer to the bottom end of this range. SHIB has very little support at the $0.000019–$0.00020 range, where 5,420 addresses purchased 3.77 trillion SHIB, in the event of future losses.
Should SHIB make a resurgence, it will face its next obstacle between $0.000023 and $0.000025, where 37.84 trillion SHIB are stored over 41,690 addresses.
