The Shiba Inu coin burn rate witnessed a sharp increase of 280% within 24 hours, resulting in the permanent removal of 12.5 million SHIB ($0.00) tokens from circulation.
Data from Shibburn shows that such a reduction in supply has raised prospects of a price pump for the meme-based cryptocurrency.
Token burns happen when developers send supply tokens to lost wallet addresses creating permanent destruction within cryptocurrency circulation.
The supply decreases through this process which creates scarcity that impacts the price of the asset.
The recent burn activity continues a sequence of steady decreases in SHIB supply which receives ongoing support from the SHIB community.
Source: XTotal Supply Now Stands at 589.25T SHIB
Following the latest burn event, the total supply of SHIB has been adjusted to 589.25 trillion tokens.
The Shiba Inu community continues to focus on supply reduction strategies through burns and ecosystem advancements.
In addition to the burn rate increase, the launch of ShibOS has added another layer to the project’s development.
ShibOS is a blockchain-based operating system designed to enhance the ecosystem.
The new platform aims to expand the use cases for SHIB while maintaining the token burn initiative.
Market sentiment surrounding SHIB remains influenced by both SHIB burn rates and ecosystem developments.
The ongoing reduction in circulating supply, combined with new features, continues to attract attention from investors.
Meanwhile, a recent price analysis suggests Shiba Inu is gaining momentum for a potential breakout.
Analyst Javon Marks envisions SHIB surpassing $0.0001553, representing a massive 261% surge if key resistance at $0.000081 is breached.
With renewed investor interest and strong community support, SHIB slower consolidation could act as a launchpad for its next bullish rally.
Shiba Inu Price Technical Analysis
Adding to the bullish formation, the MACD line has crossed above the signal line in the 4-hour chart.
This implies that there is a rising buying signal as indicated by this bullish crossover.
Moreover, the histogram has begun to create green bars, which means that there is a shift in the direction to the upside.
If this trend persists, it may be an indication of additional price bounce back.
Source: TradingViewBesides, the Balance of Power (BBP ($17.93)) indicator is also revealing some signs of early price improvement as well.
Although it has greatly remained red, a small green bar does suggest buyer interest. This would suggest that the selling pressure may be starting to subside.
However, the index needs more green bars to validate an upside reversal.
Currently, Shiba Inu price is at $0.00001931, which is a 2.95% increase in price within the last 24 hours.
The token’s price reached its daily minimum of $0.00001785 and its maximum of $0.00001878, which corresponds to the recent increase in the burn rate and fluctuations in the market.
Market analysts expect the next resistance at $0.000019 will define Shiba Inu short-term movement in the near future.
However, if the price rises above this level, it might open the door for additional increase.
The post Is Shiba Inu Price Set To Rally As Burn Rate Surges 280%? appeared first on The Coin Republic.
