18M SHIB Burn in 48 Hours: What’s Happening With Shiba Inu Price?

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Shiba Inu Burn Rate

Highlights

  • Shiba Inu price has stabilized as the SHIB burn rate rose.
  • Over 18 million SHIB tokens have been incinerated in the last 48 hours.
  • Technicals suggest further gains if a key level holds.

The SHIB burn rate has jumped by 18 million in the last 48 hours as the Shiba Inu price stabilized. Over 12 million tokens were incinerated on Tuesday and another 5.3 million on Wednesday. So, will the increasing burn rate boost the SHIB coin price?

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Shiba Inu Price in Focus as SHIB Burn Rate Rises

The Shiba Inu price has stabilized this week after plunging to a multi-month low of $0.00001175 on Monday. This stability has mirrored that of other coins, which have largely bounced back after Donald Trump paused tariffs on Mexican and Canadian goods.

Another likely reason for the stability is that more SHIB coins have been removed from circulation through its burning process. Data shows that one user moved over 12.63 million coins to the Burn Address B-2, which now holds over 45.5 billion SHIB coins. Another address moved 5 million coins to the same address.

Shiba Inu’s burn rate has been growing, removing over 410 trillion tokens from circulation and boosting its tokenomics. These burns have reduced the number of tokens in circulation to about 589 trillion. 

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Traders Wait For Next SHIB Catalyst

While Shiba Inu price is up modestly from its lowest level this month, its price has largely remained muted, in line with other coins. Two bullish catalysts to watch are the potential pause of US and China tariffs and the upcoming US nonfarm payroll (NFP) data.

A tariff pause may push stocks higher, driving other assets like cryptocurrencies up this week. Trump’s pause on Mexico and Canada tariffs is a good example. Friday’s NFP report will also be a catalyst because of its potential impact on the Federal Reserve. The value of SHIB rises when the Fed turns dovish.

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Shiba Inu Price Technical Analysis: Needs to End The Week Above $0.000015

The weekly chart shows that the Shiba Inu price has crashed after peaking at $0.00003328 in November. It dropped below the 50-week moving average and bottomed at the key support level at $0.00001173 on Monday. This was a notable price since it was slightly below the ascending trendline that links the lowest swings since June 2023. It was also near its lowest swing in September last year. 

SHIB price needs to end the week above the key point at $0.000015 to confirm a hammer candle that is forming. A hammer has a long lower shadow and a small body and is one of the top bullish reversal signs. The coin will likely rally to the 50-week moving average at $0.00001915, up 18% above the current level.

Shiba Inu Price Chart
Shiba Inu Price Chart

The bullish SHIB price forecast will become invalidated if the coin crashes below the ascending trendline. Such a move will point to further downside to the psychological level at $0.000010.

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Frequently Asked Questions (FAQs)

1. Will the rising SHIB burn rate boost Shiba Inu price?

In theory, a rising SHIB burn rate should help to support the Shiba Inu price since it reduces the number of coins in circulation. However, in practice, other factors play a role in this, including the general trend in the crypto industry.

2. Why has the SHIB price dropped this year?

The decline is mostly because of the ongoing weakness in meme coins, including Dogecoin, Pepe, and Fartcoin.

3. Can the SHIB coin rebound?

Yes, Pi Network may rebound since it has formed a hammer pattern on the weekly chart.
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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Crispus is a seasoned Financial Analyst at CoinGape with over 12 years of experience. He focuses on Bitcoin and other altcoins, covering the intersection of news and analysis. His insights have been featured on renowned platforms such as BanklessTimes, CoinJournal, HypeIndex, SeekingAlpha, Forbes, InvestingCube, Investing.com, and MoneyTransfers.com.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.