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Shiba Inu is making progress in reducing its total supply, as the SHIB burn rate increased by 486% in the last 24 hours, with 1.4 billion SHIB tokens permanently removed from circulation by being sent to dead wallets .
According to Shibburn X Handle1,453,991,866 SHIBs were burned in the last 24 hours, representing a 486.32% increase in burn rate. Meanwhile, 1,768,457,638 tokens have been burned over the past seven days, representing an 806.67% increase in weekly burn rates.
The recent burning activity represents one of the largest single-day reductions in SHIB supply in recent weeks, indicating substantial community participation and support.
In addition to the recent increase in burning rates, significant Shiba Inu whale activity has been spotted.
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According to IntoTheBlock dataShiba Inu saw a 396.38% increase in large transaction volume amounting to $245.63 million or 9.42 trillion SHIB. Shiba Inu also saw a 19.5% increase in daily active addresses during the same period, for a total of 8,720.
At the time of writing, SHIB was up 3.25% over the past 24 hours to $0.00002685. Although burns help reduce supply, the impact on prices often depends on other market factors, including demand, macroeconomic factors and general market sentiment.
Shiba Inu lessons
Shiba Inu extended its recovery from the November 28 low of $0.0000248 to reach an intraday high of $0.0000275 at the time of writing.
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Shiba Inu trades in a symmetrical triangle pattern, signaling hesitation between ups and downs.
If buyers push the price above the triangle, Shiba Inu could reach the resistance at $0.000030. A breakout and close above $0.000030 will complete the inverse head and shoulders pattern, setting the stage for a rally up to $0.000039.
Alternatively, a breakout and close below the triangle will indicate that the bulls are losing control. Shiba Inu could fall to $0.000020, which is where buyers should enter.