Disclaimer: The opinions expressed by our editors are their own and do not represent those of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not responsible for any financial losses incurred while trading cryptocurrencies. Do your own research by contacting financial experts before making any investment decisions. We believe all content to be accurate as of the date of publication, but some offers mentioned may no longer be available.
The crypto ecosystem is giving up its accumulated gains, with Shiba Inu (SHIB) also getting involved in the mix. As of this writing, SHIB bears are apparently in takeover mode, pushing the token towards its crucial support level. However, the Shiba Inu combustion rate presents a different uptrend that could help the price find its equilibrium.
Shiba Inu Burn Rate Trend
According to According to Shibburn data, the Shiba Inu’s burn rate jumped 506% in 24 hours. Even though less than three million SHIB tokens were burned in this burn, the outlook for the ecosystem is positive. Burn rate now represents one of the few green on-chain measurements in the Shiba Inu ecosystem.
Related
Currently, the total number of SHIBs burned now stands at 410,743,143,534,435 tokens. This leaves a total of 584,236,683,170,938 SHIBs in circulation. It is worth noting that the SHIB community is enthusiastic about reducing supply, a move that many believe will impact the price of the token.
Despite the introduction of Shibarium Burn Portal in 2024, the periodic slowdown in the Shiba Inu burn rate remains a concern.
SHIB Price Status
As of this writing, the Shiba Inu price is losing strength in both the general and even coin ecosystems. By According to data from CoinMarketCap, the token is down 7.16% over the past 24 hours to $0.00001991.
Related
The loss of the $0.00002 support level, which it has held since at least January 1, is seen as a major concern. Although this downward price trend reflects overall market sentiment, SHIB declines push this trend to a new high.
Notably, SHIB whales, known for their activity in recent weeks, could also re-enter the market to help fuel a rebound in the token’s price. In the meantime, lead developer Shytoshi Kusama is helping to keep the community excited, with messages keep the crazy people at bay.