Significant Growth in SHIB Token Burn
The Shiba Inu burn rate has skyrocketed by an impressive 1000% in the past day, with more than 6 million tokens removed from circulation. This surge has caught the attention of traders and investors, who now anticipate that the reduced supply could drive up the price of this popular meme coin.
According to a January 24 report from Shibburn, the Shiba Inu burn rate reached 1041%. Approximately 6.7 million tokens were permanently removed from circulation, sparking hope for price growth driven by supply and demand dynamics. The burn mechanism sends SHIB tokens to inactive wallets, making them unrecoverable and permanently reducing the total supply.
Community Achievements Boost Optimism
Another milestone for the SHIB community was the launch of ShibOS, a blockchain-based operating system designed to facilitate a seamless transition from Web2 to Web3 for users. This move is seen as a significant technological advancement, increasing confidence in SHIB’s long-term potential.
ShibOS offers innovative features and highlights the Shiba Inu community's commitment to advancing the Web3 ecosystem. Along with the burn rate surge, this development has fueled bullish sentiment among investors.
What’s Next for SHIB?
Currently, SHIB's price has seen a slight increase of 1%, trading at $0.00002028. The daily trading range for the cryptocurrency stood between $0.00001954 and $0.00002047, indicating high intraday volatility. However, the price chart shows that SHIB remains in a consolidation phase.
Analysis reveals that breaking the key resistance at $0.00002 is critical for initiating an upward trend. Conversely, if the price falls below the 200-day SMA at $0.00001925, it could lead to further declines toward $0.000018.
Technical Factors and Bearish Trend
SHIB is currently trading below the 50-day EMA, signaling a continuing bearish trend. Investors and traders are closely monitoring developments and waiting for clearer signals to determine if a bullish trend can be reestablished.
Conclusion
The surge in token burns and the SHIB community’s advancements, such as ShibOS, provide hope for future price growth. While SHIB faces current challenges, breaking key resistance levels could lead to upward momentum. Traders remain cautious, keeping an eye on technical indicators, which will play a crucial role in the next phase of this popular cryptocurrency.
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