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Dog-themed cryptocurrency Shiba Inu saw significantly low burns in the last 24 hours, raising eyebrows on the market. According to data from Shibburn, only 964,247 SHIB tokens were burned in the last 24 hours, a 95% drop in the daily burn rate.
For a token that has seen millions or even billions of SHIB burned daily, this significant drop marks a slowdown in community-led burn activity. The sub-one million figure represents one of the lowest 24-hour totals recorded in recent memory.
While there is no specific explanation yet, various factors could be contributing to the drop, including broader market cooling. It is also possible that holders might be opting to HODL rather than burn, waiting for a price surge amid the ongoing rebound attempt.
Tomiwabold OlajideHowever, a single day of low burn activity may not be a long-term concern, as the smallest of burns still contribute to the bigger picture over time, especially when combined with other initiatives across the Shiba Inu ecosystem.
SHIB's price awaits major breakout
At press time, SHIB was up 0.81% in the last 24 hours to $0.00001236 and up nearly 14% weekly.
Shiba Inu (SHIB) is on breakout watch as the broader crypto market returns to green, sparking expectations of a bullish surge in altcoins.
Arman ShirinyanThe recent uptick in the SHIB price has brought it closer to a much-watched resistance level, with bulls attempting to push the price above the daily SMA 50 at $0.00001279. A strong close above this level, paired with increasing volume, could signal a breakout toward the next targets at $0.0000156 and the daily SMA 200 at $0.000019, where bulls are expected to mount resistance.
Meanwhile, cautious sentiment remains on the market; support is envisaged in the $0.00001 range if bearish pressure returns.
Vladislav Sopov
Dan Burgin