Burn rate of Shiba Inu (SHIB) tokens spikes 37,937% following destruction of 280 million coins

SHIB BURN RATE SKYROCKETS: 280 MILLION TOKENS DESTROYED

Burn rate of Shiba Inu (SHIB) tokens spikes 37,937% following destruction of 280 million coins

Shiba Inu has experienced a massive surge in its burn rate, with over 280 million tokens being destroyed in the past 24 hours. This 37,937% increase, according to Shibburn, has left the circulating supply at a staggering 584 trillion tokens.

This significant burning effort comes as cryptocurrencies exhibit potential breakout signs despite the impressive token burn. The Shiba Inu team's strategy of creating scarcity could potentially drive up the value of the meme coin.

PRICE REACTS SLUGGISHLY

Despite the aggressive token burning, Shiba Inu's price remains stagnant, trading at $0.00001342, down 1.54% over 24 hours. This price stability suggests that large token burns may not have an immediate impact on SHIB's price, but historical data indicates that sustained burn activities can benefit the token's long-term performance.

TECHNICAL ANALYSIS PREDICTS BREAKOUT

Several analysts are optimistic about SHIB's price trajectory based on technical patterns. Trader Mike, a TradingView analyst, identifies $0.00003000 as the "Trend Killer" resistance level. After entering a position on April 9 at $0.0000167, he sets price targets ranging from $0.00004529 to $0.00008869.

Analyst Javon Marks has detected an Inverse Head & Shoulders pattern forming in SHIB's chart, which could signal a strong bullish breakout and a possible 512% price surge toward $0.000081.

COMMUNITY REMAINS OPTIMISTIC

The Shiba Inu community continues to hold hope for a price breakout in the near future. The convergence of technical patterns, burn rate increases, and bullish analyst sentiment suggests that SHIB may be preparing for a substantial move in the coming weeks.

LONG-TERM PROSPECTS

Looking beyond 2025, predictions suggest that SHIB could reach all-time highs if Shibarium develops into a major layer-2 project and the team continues to innovate rapidly. Investors should consider these predictions in the context of broader market dynamics.

[Enrichment Data:The current outlook for Shiba Inu (SHIB) is favorable, with a combination of significant burn rate increases and technical patterns suggesting potential for substantial growth. However, actual performance in 2025 will depend on various market factors, including overall cryptocurrency trends, the development of Shibarium, and swift team innovation.]

1. The Shiba Inu team's strategy of creating scarcity, as demonstrated by the recent burning of 280 million tokens, could possibly drive up the value of the meme coin in the long term.
2. Shiba Inu's price, currently trading at $0.00001342, remained stagnant despite the impressive token burn, suggesting that large token burns may not have an immediate impact on SHIB's price.
3. Analyst Javon Marks has detected an Inverse Head & Shoulders pattern forming in SHIB's chart, which could indicate a strong bullish breakout and a possible 512% price surge toward the technology-specific code '000081'.
4. The combination of technical patterns, burn rate increases, and bullish analyst sentiment has led the Shiba Inu community to remain optimistic about a price breakout in the near future, potentially heralding a substantial move for the meme coin.

Read also: