Shiba Inu Faces Critical Support Level Amid Rising Burn Rate
Shiba Inu (SHIB) is hovering around a critical support level,trading at $0.00001192. This price is significantly lower, about 75% below its 2024 peak.
The token’s crash has affected many investors. Only 20% of holders are now in profit, down from 91% a few months ago, according to Santiment.
However,there’s a silver lining. The burn rate of SHIB tokens is increasing. Data from Shiburn shows a 3,206% rise in the daily burn rate, reaching over 30.1 million tokens. Two major transactions contributed to this: one user burned 14.5 million tokens, and another burned 8.3 million.
Shiba Inu stands out in the meme coin industry due to its deflationary nature. Unlike Dogecoin (DOGE), Pepe (PEPE), and Fartcoin (FARTCOIN), SHIB is the only deflationary coin. It has already burned over 410 trillion tokens, leaving 584 trillion in circulation.
Shibarium, the network supporting SHIB, is growing rapidly. It now has 197.45 million addresses and has completed over 1.047 billion transactions. This growth is crucial as some BONE fees are converted to SHIB and burned.
Technically, SHIB’s price has been in a downward trend since November. The current price is crucial as it aligns with an ascending trendline that has held strong as 2021. If it breaks below this level, it could signal further declines, possibly reaching $0.000005840.
