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The dog-themed cryptocurrency Shiba Inu (SHIB) has seen a positive shift in its burn rate in the last 24 hours as the community burns millions of SHIB to reduce the total supply.
According to data from Shibburn, a platform that tracks SHIB burns, the burn rate has increased by 357.48% in the last 24 hours, with 14 million (14,000,832) SHIB burned.
In the last seven days, 152,246,124 SHIB were burned through various transactions.
Shiba Inu bulls made another attempt to remove a zero from the SHIB price, but their efforts again fell short of the $0.00001 level. The SHIB price reached a high of $0.0000098 on Jan. 20 before bulls encountered an impediment, halting the price advance from Friday's lows.
The Shiba Inu price rebounded after plunging to a low of $0.00000878 on Friday. Mild gains were sustained in early Sunday trading, with SHIB up 0.86% in the last 24 hours to $0.0000095.
Tomiwabold OlajideOn the upside, bulls would need to launch a charge at the $0.000010 to $0.000014 barrier for SHIB to be able to lock up huge gains.
According to IntoTheBlock data, 168.53 trillion SHIB were bought by 260,230 addresses in the range of $0.000010 to $0.000014. Being the biggest resistance cluster, selling pressure might be expected as investors look to sell once they reach the break-even point on their holdings.
That said, bulls appear to be pausing for the time being, saving up the necessary energy to overcome this hurdle and at the same time making sure the current SHIB price levels are not lost.
However, as it stands, SHIB's price performance might be dependent on the overall sentiment and direction of the cryptocurrency market, which is now showing signs of recovery after the plunge seen after the Bitcoin ETF approval.
In big news, Shiba Inu Layer 2 Shibarium is about to reach a major milestone: 300,000,000 total transactions. According to the Shibariumscan explorer, total transactions are now at 299,843,710. Wallet addresses are now at 1,342,739, while total blocks are at 2,757,656.
Arman Shirinyan
Alex Dovbnya
Dan Burgin