Shiba Inu (SHIB) Burn Rate Skyrockets 18,000%, Price To Soar?
Highlights
- Shiba Inu burn rate has jumped by 18,000%
- This is one in many catalysts in the green amid a general market onslaught
- The industry is battling a major drawdown across the board with the burn rate said to change the outlook
Shiba Inu has seen a massive surge in its burn rate metrics, solidifying its deflationary status. According to data from Shibburn, the Shiba Inu burn rate has increased by 25,035.22% within the last 24 hours.
Shiba Inu Extends Incinerated Tokens
Amidst the recent crypto bloodbath and price correction that the broader industry is facing, Shiba Inu appears to be defying the odds in this key deflationary metric.
The Ethereum-based memecoin has gained investors’ attention, an optimistic move that is reflected in its burn rate. The meteoric rise of over 25,000% suggests investors may find a key catalyst to hang on to.
Markedly, a total of 658,082,956 SHIB were destroyed in the past 24 hours in eleven transactions. In terms of monetary value, the burnt SHIB token amounted to $14,385, according to the current market value of the token. This brings the number of the total SHIB burnt from the initial supply to 410,725,555,674,170.
Notably, the recently burnt SHIB is still a small percentage of the token’s total supply which was initially a quadrillion. At the same time, it is one of the largest that the protocol has seen in the last few weeks. There is a significant increase in the amount of SHIB burnt compared to other times because a whopping 650 million SHIB was sent to dead wallets in a single enormous burn.
SHIB Slumps By 11%, Resistance Point Named
The price of the SHIB token has plunged by about 11.77% leaving it at $0.0000217. The token is probably reflecting the broad crypto market crash.
SHIB market capitalization is also at $12.7 billion, down by 12% while its daily trading volume hit $1.9 million. The dip in the price of the dog-themed memecoin suggests that the burn rate has not had any positive impact on the token yet, a trend many in the community are hopeful will change soon.
Shiba Inu is now struggling with holding a 51 trillion SHIB resistance range, and this lies between $0.000022 and $0.000025. Successfully reclaiming this range will position the self-acclaimed Dogecoin (DOGE) killer’s resistance in the $0.000025 to $0.000030 range. If this is not the case, that is, if it loses the range, SHIB might head to a support level of $0.000019 to $0.000022.
- ChangeNOW’s Quiet Power Play in Helping Crypto Businesses
- Standard Chartered Sees Bitcoin Soaring to $200,000 by Year-End on ETF Boom
- Walmart’s OnePay App to add Bitcoin and Ethereum trading
- Tech Giant Samsung Taps Coinbase To Provide Crypto Access, Driving Adoption
- Bitget Joins UNICEF Game Jam To Train 300,000 Youths In Blockchain
- Will XRP Price Hit $5 if the SEC Approves ETFs This Month?
- Bitcoin Price Hits $120K Ahead of Q4 — Can Citigroup’s Forecast Hold Up?
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
- Solana Price Eyes $360 After Bullish Retest As VisionSys AI Deploys $2B Treasury Strategy
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
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.
