Shiba Inu’s Burn Rate Skyrockets 44,000%: Price Reacts
- Shiba Inu’s burn rate has surged dramatically by 44,000%.
- Despite broader market movements, SHIB’s price responded positively to the burn.
- The price chart indicates SHIB is navigating a consolidation phase, indicating investor confidence.
Shiba Inu (SHIB) recently experienced a remarkable surge in its burn rate, skyrocketing by an astonishing 44,000%. This milestone marks a significant reduction in the token’s supply, a trend that has continued to shrink over time.
Despite the overall movements in the broader market, SHIB demonstrated its resilience by forging its unique trajectory. Following the burn event, there was a noticeable uptick in SHIB’s price, showcasing an immediate response to the reduction in circulating supply.
An analysis of the price chart reveals SHIB’s journey through a consolidation phase. Notably, the chart depicted SHIB breaching a critical ascending trendline only to recapture it swiftly. This maneuver suggests that the news of the burn event might have bolstered investor confidence, leading to increased buying pressure that helped SHIB regain its footing above this crucial technical support level.
Even amid a period of consolidation in Bitcoin’s price, often a determining factor for the altcoin market, SHIB showcased its independent response to the burn event. This highlights the relative autonomy of meme tokens like SHIB from the influence of Bitcoin’s performance.
At present, Shiba Inu is valued at $0.00000825, registering a 0.53% price increase in the last 24 hours and a 1.59% increase over the past 7 days. This surge in burn rate and the subsequent response in price dynamics has piqued the interest of many in the cryptocurrency space, hinting at the potential for increased value in the near future.