Shiba Inu Burns 600M Tokens in 24H, But Price Falls Despite Surge
SHIB burn rate spikes over 16,700% in a day, yet the token drops nearly 5%. Price faces key resistance levels ahead.
Crypto Laddin
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The Shiba Inu community has executed a significant move, burning over 600 million SHIB tokens in just one day. This surge caused the burn rate to skyrocket by 16,717%, according to Shibburn, with a single wallet responsible for 601 million tokens sent to a dead address.
Despite this aggressive burn, SHIB's price fell by nearly 5%, indicating that supply reduction alone isn't enough to drive immediate price gains. Technical indicators such as the Relative Strength Index (RSI) sit near 48.5, signaling a neutral market sentiment.
Currently, SHIB trades at $0.00001349, facing resistance at $0.00001407. A breakout could push it toward $0.00001561, while a drop below $0.00001253 might trigger further downside. Weekly burn data remains strong, showing a 369% increase from the previous week and highlighting the community’s long-term commitment to reducing token supply.
