Shiba Inu Coin Burn Rate Soars By 1000%, SHIB Price At Inflection Point

The renowned dog-themed meme coin Shiba Inu burn rate has again witnessed a remarkable surge on Friday, up roughly 1000%. Recent data provided by the token’s burn tracker indicated that over 6 million coins were permanently removed from the asset’s market supply. In turn, traders and investors anticipate a bullish impact on SHIB price, with their optimism further supported by the latest community developments.

Shiba Inu Burn Rate Blows Up 1000% As Over 6M Coins Destroyed

As per an X post by the burn tracker Shibburn on January 24, the intraday Shiba Inu burn rate spiraled 1041%, propelling market optimism surrounding the meme crypto. Primarily, as 6.7 million tokens were removed from the circulating supply, traders and investors anticipated price gains ahead, mirroring the law of supply and demand.

For context, the meme coin’s burn mechanism sends SHIB tokens to a null address, thereby permanently removing them from the supply. In light of the abovementioned blow, market watchers expect a potential upswing despite the demand remaining the same.

Latest Community Developments Inject Additional Optimism

Simultaneously, it’s worth mentioning that the leading meme coin‘s community has also secured a landmark achievement recently. The introduction of ShibOS, a blockchain-based operating system, has emerged as a revolutionary action in the Web3 space.

Notably, the SHIB community introduced ShibOS, offering users seamless Web2 to Web3 transition opportunities for various use cases. This advancement, coupled with the Shiba Inu burn rate surge, has birthed noteworthy bullishness over the meme-themed asset’s long-term forecast.

What’s Ahead For SHIB?

At the time of reporting, SHIB price witnessed a gain of nearly 1% and is trading at $0.00002028. The cryptocurrency’s 24-hour low and high were $0.00001954 and $0.00002047, flagging a highly turbulent intraday action. Notably, the broader price chart for the meme coin shows a period of sideways trading, underscoring a consolidation.

However, the abovementioned Shiba Inu burn rate surge and recent developments can push the asset to witness remarkable gains ahead. Intriguingly, a recent SHIB price analysis by CoinGape reveals that it remains vital for the coin to break the key resistance at the $0.00002 level to embark upon a bullish movement.

Besides, it’s also worth mentioning that the meme coin’s price is currently under the 50-EMA, suggesting a bearish trend for the asset. Further, another vital factor remains that 200-SMA at $0.00001925. Given that SHIB breaks below this level, a fall to $0.000018 looms. Traders and investors continue to keep the token on their radars, awaiting significant price action shifts ahead.