Shiba Inu’s burn rate has soared by over 65,500%, with 2,652,095 $SHIB tokens burned in the last 24 hours. Despite this surge, SHIB’s price fell by about 1.56%, currently trading at $0.00001762.
The week started on a bearish note for the cryptocurrency market, with many tokens struggling to recover from recent dips. Among them, Shiba Inu (SHIB) experienced a decline of over 1.5% in the past day, even as its burn rate saw a remarkable increase.
According to the Shibburn tracker, over 2.6 million SHIB tokens were removed from circulation in five transactions, pushing the burn rate to an impressive 65,529%. The SHIB burn mechanism aims to reduce the overall token supply, which could potentially boost the price by increasing scarcity.
Shiba Inu (SHIB) Burn Rate (Source: Shibburn)
Despite the significant rise in the burn rate, it hasn’t led to a positive price movement for SHIB. Currently, the meme token is trading at $0.00001762, down from an intra-day peak of $0.00001806, with a low of $0.00001742. Additionally, the daily trading volume has dropped by around 21%, settling at $224 million.
Shiba Inu (SHIB) Market Overview
As of October 25, Shiba Inu’s price has fallen below the critical $0.000018 level, marking a 5.76% decrease over the past week and potentially extending a losing streak to five days. This decline follows a downtrend that started after SHIB failed to break the $0.000020 resistance on October 21. Earlier this month, however, SHIB had seen a rally, rising by over 17.63% since October 10, in line with the 2024 “uptober” trend.
Despite the recent bearish trend, technical indicators suggest some optimism for SHIB. The price is currently hovering around $0.00001768, close to its 9-day EMA.
Shiba Inu (SHIB) Price Chart (Source: TradingView)
The Relative Strength Index (RSI) is at 39, indicating that the asset is weak but not yet in oversold territory, which could present buying opportunities if market conditions improve. Additionally, the Chaikin Money Flow (CMF) sits at 0.02, indicating a slight inflow of funds into the asset.
For the upcoming days, Shiba Inu is expected to trade within a range of $0.00001711 to $0.00002312.
