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The dog-themed cryptocurrency Shiba Inu (SHIB) has seen a massive increase in its burn rate in the last 24 hours. According to Shibburn, a platform that tracks the number of SHIB tokens burned, the daily burn rate has skyrocketed by 4,907% in the last 24 hours.
In the last 24 hours, a total of 19,387,761 SHIB tokens were burned in nine transactions. This represents a sharp increase from the previous day's burn figure, which amounted to a total of 387,207 SHIB tokens burned, causing the daily burn rate to plunge 97% subsequently.
The weekly burn rate is also higher, up 38.16% with 210,346,123 SHIB tokens burned in the last seven days.
Shiba Inu's massive burn rate seems to be igniting hopes on Shiba Inu's price, which has been relatively stagnant, failing to exhibit significant movement beyond the crucial level at $0.000009. The lack of volatility persists as Bitcoin (BTC) determines its next move.
Shiba Inu quietly rebounded off $0.00000843 on Jan. 23 and has sustained beyond this level for days. However, its price growth has been slower, with bulls barely failing to move the SHIB price past highs of $0.00000925 on Jan. 28.
If the price furthers its climb, SHIB might target the $0.00000984 level next before the $0.00001 level, thus erasing a zero from its price subsequently.
A break over $0.0000100 might signal a positive turnaround and pave the way for a rise to the $0.0000200 level, which has not been seen since May 2022.
On the other side, if SHIB falls below the crucial support of $0.0000085, which has held the price of SHIB so far in January, it could indicate a bearish continuation and additional price loss.
The next support levels to watch might be $0.000008 and $0.000007, which have previously served as strong demand zones.
As the burn rate soars, SHIB could be on the verge of a major price movement that could define its trend for the next few months. Whether it will be a breakout or a breakdown remains yet to be seen.
Arman Shirinyan
Alex Dovbnya
