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The Shiba Inu burn rate has skyrocketed, sparking renewed interest in the SHIB community. According to Shibburn data, Shiba Inu's burn rate has increased by a staggering 2,753% in the last 24 hours, with 6,442,486 SHIB tokens permanently removed from circulation.
But that is not all; zooming out to a seven-day view reveals that a staggering 135,130,906 SHIB tokens have been destroyed over the past week, highlighting increased community efforts and automated burns within the Shiba Inu ecosystem.
Token burning is a deflationary mechanism aimed at reducing SHIB's total supply, increasing scarcity and ultimately boosting its long-term value. Shiba Inu burns remain community-driven, boosted by Shiba Inu ecosystem applications that consistently route a portion of SHIB transactions to dead wallets.
Shiba Inu price
Shiba Inu is recently changing hands at $0.00001367, a mild 0.13% recovery in the last 24 hours. Shiba Inu, like the rest of the cryptocurrency market, fell at the start of the week amid extended profit-taking.
Significant resistance emerged at the $0.00001598 level on July 21, and the price motion reversed significantly lower. Multiple technical support levels bowed to increased selling pressure, with SHIB unable to recapture the key resistance threshold at $0.00001434, which coincides with the 200-day simple moving average (SMA). Shiba Inu fell to a low of $0.00001299 on July 24, before recovering slightly.
While SHIB fell below the 200-day SMA, which measures long-term trends, it remained above the daily chart's Ichimoku cloud. The broader momentum is regarded as bullish when prices remain above the cloud, a common trend indicator.
The daily RSI, however, at the midpoint of 50, suggests the likelihood of consolidation before Shiba Inu resumes its next major move.
Vladislav Sopov
U.Today Editorial Team