Shiba Inu Coin Price Nosedives As Burn Rate Surges 1400%, End of The Road For The Bulls?

Shiba Inu Coin (SHIB) price continues to keep the meme coin hype going with a tremendous surge in its token burn program. The self-proclaimed Dogecoin killer has in the last 24 hours plunged by almost 7% to trade at $0.00000816 at the time of writing.

Price increases have become a common occurrence over the last few weeks, with investors hoping to see SHIB climb above the psychological level at $0.00001 again. However, it appears that attention is shifting fast towards support at $0.00008, which if lost may lead to more pain before any relief comes to the bulls.

Amid the constant price fluctuations witnessed by the SHIB token, its community has been continuously trying to build up support for jacking up the SHIB tokenomics, following which there have been a significant amount of tokens burnt to date. These efforts by the crypto community have resulted in a phenomenal weekly price surge witnessed by the SHIB coin, portraying a bullish market sentiment.

Shiba Community Incinerating Tokens: Here’s All You Need To Know

According to the data unveiled by Shibburn, a platform showcasing SHIB token supply and burn dynamics, the Shiba Inu burn rate has increased by 1146.71% over the past twenty-four hours, with almost 122.10 million tokens burnt.

As of writing, the total tokens burnt from the initial supply amounted to 410.66 trillion, while the current circulating supply amounts to 580.09 trillion tokens.

The aforementioned burning of tokens seems to fall in line with the recent advancements by the Shiba Inu crypto community to jack up the SHIB tokenomics. Although trillions of tokens have been burnt to date, the price surge witnessed by the SHIB token still seems to be comparatively less, as of today.

Also read: Crypto Market Ignores Fed Chair’s Warning of Rate Hikes, Altcoins Rally

SHIB Token Price Analysis

While writing, the Shiba Inu price was down by 7%, reaching $0.00000816 today. However, the trading volume surged by a whopping 46%, reaching $283.40 million. While the token witnessed a weekly surge of 7.38%, the SHIB price is mostly trading between the range of $0.000008 to $0.0000085.

In recent news revolving around the SHIB token, Robinhood, a fintech firm, recently announced plans to expand its services to Europe and the United Kingdom, introducing a wallet that bolsters all assets, including Shiba Inu and Dogecoin.

Furthermore, Shibarium, Shiba Inu’s dedicated layer-2 blockchain witnessed a phenomenal increase of 3000% in its daily new contracts, portraying an upswing in the network’s utilization and growth.

Also read: SOL Price Shoots 7% Moving Closer to $50, What’s Next for Solana?