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Friday, March 1, 2024

SHIB Bulls Indicates Dominance as It Displays Massive Burn Rate

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Shiba Inu, SHIB, Memecoin

  • Shiba Inu’s (SHIB) burn rate has surged over 26K%.
  • SHIB price hasn’t witnessed any increase.

The so-called “Dogecoin Killer” Shiba Inu continued to trend; even new meme coins, such as PEPE and Milady Coin, appeared to have more attention. Hence, Shiba Inu’s total burn rate skyrocketed by more than 26450% in the last 24 hours.

Shiba Inu (SHIB) Burn Rate (Source: Shibburn)

Over 3 billion SHIB tokens were burned in a single transaction by Blaze Token, a recently launched project within the Shiba Inu community. The project has now burned 6.7 billion SHIB since it started the burning campaign, which is a major improvement.

The latest burn transaction brings Blaze Token’s total burned value to 6.7 billion SHIB in just two weeks. Meanwhile, Shiba Inu trading has been down since April. However, the SHIB community keeps wondering about the popular memecoin.

Shiba Inu Price Analysis

Shiba Inu’s price action on the daily chart demonstrated bearish dominance in the market. Since the middle of April, when the bears stopped the bullish rally at the $0.000011 resistance, SHIB has been in a sharp downward trend.

As of now, SHIB has witnessed a 14% loss just in May. This suggested that bears were attempting to increase their level of dominance. The Bulls still have some hope, though. As a result, SHIB’s price edged closer to the important $0.000009 support level. Before the YTD high, this level served as a rallying point for bulls in January.

Shiba Inu (SHIB) Price Chart (Source: Tradingview)

At the time of writing, SHIB traded at $0.00000879, with a 24-hour trading volume of $89 million and a market cap of $5.1 billion. Shiba Inu prices are slightly recovering from past lows. In conclusion, the SHIB price may have spiked as a result of the surge in burning volume.

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