Key Insights
- Shiba Inu burn rate surged 3252% in 24 hours, removing 29.32 million tokens from circulation.
- SHIB’s circulating supply stands at 584.34 trillion, with 410.49 trillion tokens burned to date.
Following a price correction over 33% last month, Shiba Inu (SHIB) bearish momentum has finally started to wane and a significant rebound could be seen next.
The memecoin gained strong support around $0.00001200, which might mark a reversal zone in the coming sessions.
At press time, Shiba Inu price was trading at $0.00001239 with an intraday decline of over 3.72%. Its market cap stood at $7.30 Billion and ranked 20th in the overall market.
Shiba Inu Burn Rate Skyrockets 3000% in Just 24 Hours
During the last 24 hours, the Shiba Inu burn rate experienced a significant increase of 3253%. During this period, Shibburn records indicate a removal of 29.32 million SHIB coins from circulation. Token availability plays a fundamental role in the economic structure of the cryptocurrency.
The burn mechanism reduces the total number of tokens that exist in circulating supply according to SHIB functionality.
The disappearing process takes place as developers move tokens into locations where no one can reach them.
When burn rates escalate it reduces both available tokens in circulation and market demand levels thus affecting price movement.
Shiba Inu currently holds 584.34 trillion tokens within its circulating supply. Through the burn strategy, 410.49 trillion SHIB tokens were successfully eliminated from circulation. Token scarcity under the project plan manifests through steady token supply reductions.
According to daily burn records 76 million SHIB tokens reached destruction status during March. Market analysts think more SHIB tokens will be burned this month shaping the future direction of SHIB’s market value.
Shiba Inu Price Prediction: Is $0.00002000 Within Reach?
A recent post by Ali Charts on X highlighted that Shiba Inu price has defended its crucial support zone of $0.00001300.
If buying pressure intensifies, Shiba Inu could see a significant upward movement toward $0.00002000 in the coming sessions.
Currently, Shiba Inu price trades close to the support zone of $0.000013000 and the token burn surge might drive a possible upward move ahead.
Shiba Inu Price Prediction: Key Levels to Watch
The soaring burn rate signals an aim to reduce the overall supply and could affect the same on the memecoin’s price.
For Shiba Inu to bounce back significantly above the hurdle of $0.00001500, the combination of increased demand and token burns will need to converge.
The daily chart outlook hints that SHIB’s price has been forming lower low swings and persisted in facing rejection from its descending trendline.
The Relative Strength Index (RSI) line stood at 33, indicating oversold conditions. Until it crosses above the trendline barrier, the ongoing bearish trend would continue ahead.
However, a break beyond the trendline mark could permit the bulls to accelerate and a significant reversal could be trigger ahead.
However, the negative OI-weighted funding rate signifies a lower demand for the long contracts which hints that bulls are not confident.
While SHIB’s long-term trajectory still favors upside moves, the immediate market structure suggests further consolidation near the demand zone before any significant recovery.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.