The SHIB community is working very hard to reduce the number of tokens in circulation. As Shibburn shared, over 3 million SHIB tokens were burned in the last 24 hours. However, despite the recent increase in consumption rate, the Shiba Inu token has maintained a downward trend.
SHIB SCHEDULE UPDATE$SHIB Price: $0.00002045 (1h -0.88% ▼ | 24h -3.03% ▼)
Market capitalization: $12,058,600,807 (-3.01% ▼)
Total supply: 589 256 855 981 115BURNED TOKENS
Last 24 hours: 3,244,007 (5,785.03% ▲)
Last 7 days: 63,327,612 (-6.81% ▼)-Shibburn (@shibburn) January 21, 2025
Millions of SHIBs burned, increasing the burn rate
The Shiba Inu community has burned millions of tokens in a rapid increase in burn rate. Shibburn data shows 3,244,007 SHIBs were burned over the past day, bringing the four-digit burn rate to 5,785.03%. Large burn transactions produced most of the recorded results.
Over the past week, the community has deleted 63,327,612 SHIB Tokens of traffic. The recent SHIB burn rate, however, fell by 6.81%. These figures show that the burning process has slowed down even though the community is putting a lot of effort into it.
Shiba Inu Token Price Drops Despite Increase in Burn Rate
At the time of writing, the SHIB token was trading at $0.00002055. The coin moved between $0.00002030 and $0.00002058 on January 22, 2025. negotiation session with little upward growth. Based on the 9-period SMA, the coin’s short-term resistance lies at the $0.00002060 level as it cannot make significant gains beyond this level.
The Shiba Inu market is also showing consistent bearish trends, with buyers reluctant to sustain the higher levels reached earlier this month. As the market experiences selling pressure, the coin’s SMA acts as a dynamic resistance line. If SHIB holds above the simple moving average, it will likely restore bullish market sentiments, but the current price weakness below the SMA could worsen.
Market participants are monitoring the $0.00002000 support level with a conscious approach which is emerging on the market. If prices fall below the support level, traders will incur greater losses. However, the price could be poised for a recovery if it breaks above the $0.00002150 mark.
Mixed signals regarding the future of SHIB
SHIB’s latest burn rate increase shows how determined its community members are to reduce the token supply. Despite the increase in burns, investors are facing mixed signals as prices fall despite the recent reduction in supply.
SHIB’s recent price performance is consistent with changes in the Bitcoin market. However, whether it is Shiba Inu Coin Success over time depends on both the effort put in and the adoption of the token.