All news is rigorously fact-checked and reviewed by leading blockchain experts and seasoned industry insiders.
- The latest data from Shibburn on X reveals a 381% surge in Shiba Inu’s burn rate within the last 24 hours.
- This sharp increase, driven by the removal of 14.27 million SHIB tokens from circulation, comes as SHIB approaches a key resistance level at the 26-day EMA.
Shiba Inu (SHIB) has witnessed a significant surge in its burn rate, sparking optimism among investors about a potential price breakout. According to the latest data from Shibburn, the burn rate skyrocketed by 381% in the past 24 hours, resulting in 14.27 million SHIB tokens being permanently removed from circulation. This sharp increase comes as the SHIB community intensifies efforts to reduce supply, which could positively impact the token’s price movement.
The Shibburn report highlights that at least five different wallets contributed to the recent spike in burn activity. Notably, the largest burn transaction came from a wallet identified as “0x541f…886e0,” which single-handedly burned 13 million SHIB tokens. This brings the total number of burned tokens within the Shiba Inu ecosystem to an impressive 410.74 trillion SHIB.
On a broader scale, 98.85 million SHIB tokens have been burned so far this month, reflecting the community’s continuous efforts to enhance tokenomics by reducing overall supply. As of now, Shiba Inu’s total supply has been lowered to 589 trillion tokens, as per CoinMarketCap.
The Shiba Inu burn mechanism plays a crucial role in improving the token’s value proposition. By permanently removing tokens from circulation, the market supply decreases, creating a deflationary effect that can drive up prices over time. Traders view this as a bullish development, anticipating that reduced supply could strengthen SHIB’s long-term price action.
Adding to the growing interest in SHIB, a new whale transaction was detected. According to Arkham Intelligence, a wallet with the address “0xB768” withdrew 85.54 billion SHIB tokens, valued at approximately $1.41 million. This kind of whale activity often signals potential market movements, further boosting investor speculation.
Can Shiba Inu Push Past Its Resistance Level?
Shiba Inu (SHIB) is showing signs of resilience despite recent market fluctuations, with traders closely watching whether the token can break past its key resistance levels. Currently, SHIB is trading at $0.00001667, reflecting a 2.06% increase in the last 24 hours. The token has seen an intraday low of $0.00001596 and a high of $0.00001679, posting 7% weekly gains despite a significant drop in trading volume, which has fallen 35% to $275 million in the same period.
The first major hurdle for SHIB is the 26-day Exponential Moving Average (EMA), a critical technical indicator that traders use to assess potential breakouts. Earlier this week, SHIB tested this resistance level but failed to establish a decisive breakout above it. A successful move past this technical barrier could pave the way for further bullish momentum.
According to crypto analyst Javon Marks, SHIB appears to be forming a large Inverse Head & Shoulders pattern, a technical setup often associated with trend reversals and potential breakouts. If the pattern plays out, the analyst projects a potential price target of $0.000081, representing a significant surge of 386.49% from its current levels.
$SHIB (Shiba Inu) looks to be setting up in a large Inverse Head & Shoulders pattern and can be finishing up its final shoulder now before putting on a notable performance in an over 399% run to the $0.000081 target! pic.twitter.com/LFOsxijEau
— JAVON⚡️MARKS (@JavonTM1) February 12, 2025
