Shiba Inu Burn Rate Soars By 370% As SHIB Price Eyes Breakout

The meme-inspired cryptocurrency Shiba Inu (SHIB) saw over 137 million coins permanently destroyed in the past day, representing a massive 372% spike in burn rate as positive price momentum builds.

According to data from Shibburn, the latest token burn takes the total number of SHIB tokens destroyed to over 410 trillion. This gradually decreasing supply makes substantial price jumps more likely by raising the value of remaining coins.

Shiba Inu has rallied 4% in the past 24 hours, reaching $0.0000075 amid the accelerating burn rate and parabolic 86% surge in trading volumes. SHIB remains one of the top performing altcoins as the broader crypto market springs back to life.

Technical analysis by altFINS suggests SHIB is forming a bullish falling wedge pattern, typically preceding breakouts. If SHIB can retake former support at $0.000008, a renewed rally towards $0.000012 may ensue. Momentum indicators remain mixed for now.

Source: altFINS – Start using it today

While still down massively from its all-time high, Shiba Inu’s improving burn and transaction metrics have analysts upbeat on its recovery potential. The SHIB community has ramped up token burning efforts, while developer activity continues on Shibarium layer-2 solutions.

However, regulatory risks still loom for the unregistered token. The SEC recently cracked down on SHIB promoters, issuing fines for unlicensed securities activities. Investors also remain skeptical of SHIB’s fundamental utility compared to large-cap coins.

Nonetheless, if SHIB can achieve a clean breakout, its technical setup combined with a friendlier market could see the meme coin regain some of its previous luster. The accelerating token burn rate provides a tailwind going forward.

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Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.