The SHIB community is working very hard to reduce the number of tokens in circulation. As shared by Shibburn, over 3 million of SHIB tokens were burnt in the last 24 hours. However, despite the recent surge in burn rate the Shiba Inu token has maintained a downward price trend.
HOURLY SHIB UPDATE$SHIB Price: $0.00002045 (1hr -0.88% ▼ | 24hr -3.03% ▼ )
Market Cap: $12,058,600,807 (-3.01% ▼)
Total Supply: 589,256,855,981,115TOKENS BURNT
Past 24Hrs: 3,244,007 (5785.03% ▲)
Past 7 Days: 63,327,612 (-6.81% ▼)— Shibburn (@shibburn) January 21, 2025
Millions of SHIB Burnt Pushing the Burn Rate Higher
The Shiba Inu community burned millions of tokens in a rapid burn rate increase. Shibburn data shows that 3,244,007 SHIB were burnt in the last day pushing the burn rate to a four figure of 5785.03%. The significant burn transactions produced the most of the recorded outcomes.
During the past week the community removed 63,327,612 SHIB tokens from circulation. The recent SHIB burn rate, however, has sunk by 6.81%. These numbers show the burning process has slowed even though the community is putting much effort into it.
Shiba Inu Token’s Price Dips Despite Surge in Burn Rate
As at time of writing, the SHIB token was trading at $0.00002055. The coin moved between $0.00002030 and $0.00002058 during the Jan. 22, 2025 trading session with feeble upward growth. Based on the 9-period SMA, the coin’s short-term resistance stands at the $0.00002060 level since it cannot hold strong gains beyond this level.
The Shiba Inu market also shows consistent bearish trends as buyers are reluctant to support higher levels achieved earlier this month. With the market experiencing selling pressure, the coin’s SMA acts as a dynamic resistance line. If SHIB holds above the Simple Moving Average it will likely restore bullish market feelings yet ongoing price weakness below the SMA could deepen.
Market players are watching the $0.00002000 support level with a mindful approach looming in the market. If prices fall beneath the support level traders will experience bigger losses. However, the price could be poised for recovery if it crosses above the $0.00002150 mark.
Mixed Signals Regarding SHIB’s Future Prevail
The latest increase in SHIB burn rate shows how dedicated its community members are to lowering the token supply. Despite the increased burns, investors are facing mixed signals as price moves downwards despite the recent supply reduction.
SHIB’s recent price performance is in alignment with Bitcoin market changes. However, whether the Shiba Inu coin will succeed over time relies on both the burning efforts and the adoption of the token.
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