Shiba Inu (SHIB) Price Dips Despite 112,000% Burn Rate Surge
Despite bullish supply-side dynamics, Shiba Inu's (SHIB) price is under pressure. A massive burn rate surge of over 112,000% saw 116 million SHIB tokens removed from circulation.
Token Burn Details
Token burns aim to reduce supply, increasing scarcity. CoinDesk reports over 527 trillion SHIB tokens nearing profitability amidst the burn.
Ecosystem Strength vs. Downtrend
The SHIB ecosystem shows strength, with wallet growth exceeding 1.5 million addresses and increased layer-2 transactions. However, SHIB is in a downtrend, trading at $0.00001190, down 2% in 24 hours and 5% for the week.
Price Action and Key Levels
Selling pressure resulted in above-average volume exceeding 500 billion units, forming resistance around $0.0000122. A double-bottom pattern hints at a potential 20% rally to $0.000016, while a narrow trading range indicates consolidation.