Shiba Inu Burn Rate Rises 33% Amid Unstable Market

According to Shibburn.com, the burn rate of Shiba Inu has increased by 33% in the past 24 hours. This sudden increase comes after a slow start to the week, when SHIB burn transactions were relatively low. However, despite this increase, there are still many questions about whether these burns can counteract selling pressure and impact the overall supply dynamics of SHIB. Shiba Inu burning activity: A small but meaningful move The burn rate is an important metric in the Shiba Inu ecosystem, affecting investor sentiment and long-term tokenomics. In the past 24 hours, a total of 18,684,231 SHIB has been permanently removed from circulation. The largest single burn event accounted for 16,035,545 SHIB, carried out across four transactions. The remaining burns are relatively smaller, including 1,070,154, 788,643, and 789,889 SHIB respectively. Although these numbers may seem insignificant compared to previous large-scale burning events, they are noteworthy due to the relatively stable burn rate observed throughout the week. The broader downturn of the cryptocurrency market appears to have contributed to slowing down the SHIB burning process, making this sudden 33% increase an unusual occurrence. Is the burn rate important? Although the burning activity has increased, the amount is still too small to have a meaningful impact on the total supply of Shiba Inu. With a circulating supply of nearly 500 trillion SHIB, recent burns are just a small part of what is needed to significantly affect the price and scarcity of SHIB. Without a continuous and exponential increase in daily burn volume, the tokenomics of Shiba Inu is unlikely to change significantly. Price volatility of Shiba Inu and market sentiment At the time of writing, the price of Shiba Inu is still fluctuating between $0.0000125 and $0.000013, with a slight decrease of 1% in the past 24 hours, down to $0.00001272. Additionally, the trading volume of SHIB has decreased by 14.5% during the same period, signaling a decrease in market participation. Despite the recent stagnation in price, technical indicators suggest a potential breakthrough. Analysts have identified an ascending triangle pattern on the SHIB chart, which could indicate an upcoming bullish trend. If SHIB can maintain the support level of $0.0000125 and successfully break through the resistance level of $0.000013, the upward momentum could return, pushing this token to new highs. What is the next step for SHIB? Although the recent increase in the burn rate is a positive sign for Shiba Inu enthusiasts, it is still not enough to self-propel a significant price increase. For SHIB to witness a substantial reduction in supply, the community will need to support larger and more consistent burn events. In the short term, the price trajectory of SHIB may depend on the overall market sentiment and the ability to break through key resistance levels. If buyers regain control, the meme coin could see new momentum, but a prolonged phase with low burn rates and decreasing trading volume could keep SHIB in a consolidation phase.