Shiba Inu Burns Surge 1,335%—Will It Be Enough to Boost SHIB’s Price?
Despite the crypto market’s recent downturn, the Shiba Inu (SHIB) community is doubling down on its burn strategy to reduce supply and push prices higher. In the last 24 hours, SHIB’s burn rate spiked 1,335%, removing 30 million tokens from circulation. But will this effort translate into a price recovery?
Shiba Inu Burn Rates Accelerate
🔥 Token burns are increasing, with five major burn transactions recorded in a single day.
🔥 Despite these efforts, SHIB’s price has dropped to $0.00001284 and is struggling to reclaim higher support levels.
🔥 The token is currently searching for stability around $0.00001500, but its ability to bounce back remains uncertain.
Key Resistance and Whale Activity
📉 SHIB faces strong resistance at $0.00001700, making it difficult to gain momentum.
📉 Only 40% of SHIB holders are currently in profit, reflecting overall market weakness.
📉 Whale transactions have dropped 7.86%, as major investors hesitate to enter new positions due to uncertain market conditions.
Trading Volume and Market Sentiment
📊 SHIB’s 24-hour trading volume stands at $273 million, significantly lower than competitors like PEPE and DOGE.
⚠️ Investor fear remains high, leading to low liquidity and reduced buying pressure.
⚠️ Meme coin competition is intensifying, with Shiba Inu fighting for dominance against Dogecoin (DOGE) and PEPE.
While the SHIB burn rate is surging, a lack of whale accumulation and low trading volume could delay a major price breakout. Will SHIB defy the odds, or will meme coin rivals steal the spotlight?
