Shiba Inu (SHIB) has witnessed a sudden 300 percent spike in its burn rate over the past 24 hours, according to data from Shibburn. Tens of millions of tokens were permanently removed from circulation, intensifying investor focus as the meme coin battles price declines and market cap instability.
As SHIB shows weakness in the market, more token burns are taking place. SHIB has plunged 12 percent in the past week due to recent turbulence, losing the 17th spot on CoinMarketCap. With a market cap of $8.3 billion, the token is now a strong indicator of changed investor sentiment toward the project.
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The community has so far burned 410.74 trillion SHIB tokens from the initial one quadrillion supply. There are 584.48 trillion tokens in circulation, but 4.76 trillion are being staked. The regular burning events hint that those in charge hope these efforts will sustain higher prices for a long time.
On Monday, the price of SHIB increased to $0.00001586 but dropped shortly afterward. On Thursday, its value hit a new low of $0.00001394. Even though the token jumped 5 percent in one day, another drop of 1.6 percent followed right after. At the time of this writing, SHIB costs $0.00001445, revealing its lively trading trend.
Analyst Predicts Possible Breakout as Technical Patterns Form
Meanwhile, crypto expert Ali Martinez’s technical analysis adds a layer of optimism. According to Martinez, SHIB is forming a symmetrical triangle pattern, which historically signals a possible breakout. If this pattern plays out, SHIB could see a potential 17 percent surge in the near future.
Source: Ali-Chart
Recent market issues did not reduce the community’s eagerness to support the project. The strategy of limiting supply is still essential for SHIB, and it supports the coin during periods of price movement.
Intense involvement by the community can be seen in SHIB’s massive burning when the token falls in price and market rankings. As long as there is uncertainty in the market, lessening the number of coins may help in the future if the trend gains strength.
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