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Shiba Inu Burn Rate Skyrockets by Almost 17,000%, Will SHIB's Price React?
TL;DR
The Impressive Burn
The second-largest meme coin saw its burn rate increase by a whopping 16,710% in the past 24 hours, resulting in over 602 million tokens being sent to a dead wallet. Interestingly, a single transaction comprised almost 100% of that amount.
While the USD equivalent of the destroyed stash is just $8,000, continuous efforts in that field can have a positive impact on Shiba Inu’s price. After all, fundamental principles of economics dictate that the price should go up in the event of declining supply and rising or constant demand.
Тhe burning mechanism was adopted in 2021, and since then, the team and the community have scorched roughly 410.7 trillion tokens, or around 41% of the initial one quadrillion supply.
SHIB Supply, Source: Shibburn.comSome members of the crypto community are optimistic that the meme coin could chart gains in the near future. X user CW envisioned “a big upside” if the price breaks the sell wall of $0.000017. Currently, SHIB trades at around $0.0000133, meaning it has to climb by 27% to reach the depicted level.
Javon Marks and Friedrich are also among the bulls. The former recently spotted the formation of a large Inverse Head & Shoulders pattern on Shiba Inu’s price chart, which resembles “notable strength.” The analyst assumed this might propel a rally to the technical target of $0.000081
Friedrich believes SHIB could follow the positive performance of ETH and retest its all-time high levels. At the same time, he warned investors to pay attention when using leverage.
The Bearish Factor
Contrary to the optimism expressed by some analysts, Shiba Inu’s exchange netflow suggests the price may continue to struggle in the short term
CryptoQuant’s data shows that inflows have surpassed outflows over the past seven days, hinting at a shift from self-custody methods to centralized platforms. This, in turn, increases the immediate selling pressure.
SHIB Exchange Netflow, Source: CryptoQuant