184 million SHIB tokens went up in smoke in just 24 hours! 🤯 That is, a massive burn that shot the elimination rate up by 108,500%! Is this the signal we were waiting for to see the price of Shiba Inu take off like a rocket, or is it just a fireworks display in a cold market? 🤔 Let's be clear, no stories!
Look, the thing is this: the Shibburn platform left us speechless because it removed a huge amount of SHIB from circulation, almost 180 million in a single transaction. This is key because, in the crypto world, when the supply of an asset decreases (because it’s burned, that is, sent to an address from which it cannot return), scarcity increases. And if demand stays the same or rises, what happens? The price has room to go up! 📈 It's the basic law: less in the market, more potential value.
But, as in any good drama, there is a giant "but." Although the burn is super positive news for holders, the reality is that the price of SHIB has fallen 8% this month. Moreover, activity on Shibarium (the layer 2 blockchain of Shiba Inu) is at rock bottom, at historic lows. And if we look outside, on Google Trends, global interest in memecoins is colder than the Arctic. 🥶 People, in general, are not searching for the topic. This tells us that the market is in a "pause mode" and the hype has cooled down.
Even so, technical analysis gives us a glimmer of hope. SHIB is fighting hard to stay above a key support zone at $0.0000096. In fact, it already bounced back from $0.000007 a few weeks ago, demonstrating that there are still buyers lurking. The RSI indicator (which measures trend strength) is hovering around 64, which is still technically considered bullish. 🐂 If it manages to close strongly above $0.0000100, the next strong resistance level would be at $0.00001035 and even $0.0000112. Watch out! If it can't hold, it could fall back to $0.0000090, but it would just be a breather before the bulls attempt another attack.
In summary: the massive burn is a master move to reduce supply, but the overall market sentiment is down. We are at that quiet point where it either breaks upwards and gives us the surprise of the year, or continues to move sideways until general interest returns. The million-dollar question is: is this silent supply crisis the engine that will ignite the fuse or is it just a cry in the desert of a boring market? Tell me what you think, are you stacking more SHIB or sitting back to wait for confirmation? 🧐$SHIB
