Shiba Inu Burn Rate Soars 3,273%, Sparks Speculation
Key Takeaways
- Shiba Inu (SHIB) saw a 3,273% increase in its burn rate within 24 hours.
- Over 28.5 million SHIB tokens were destroyed.
- Active addresses rose by 5.74%, while zero-balance addresses increased by 31.11%.
- The price is hovering near a resistance level at USD 0.00001290.
- Open interest climbed to USD 125.57 million – indicating growing speculation.
Strong Token Burn Rekindles Interest in SHIB
Shiba Inu’s burn rate surged by over 3,273% in just one day, with more than 28.5 million SHIB tokens removed from circulation. Token burning refers to the permanent removal of coins from supply, usually by sending them to inaccessible wallets. The goal is to reduce supply and potentially support the price.
This sharp rise in the burn rate has drawn renewed attention to SHIB. The price responded moderately, increasing by 1.40% to USD 0.00001218. Historically, major price movements have often been preceded by significant burn activity – a pattern that may repeat.
Growing Activity in the SHIB Network
On-chain data reveals increased usage of the Shiba Inu ecosystem. The number of active wallets rose by 5.74% over the past week. At the same time, so-called zero-balance addresses (ZBAs) increased by 31.11%. These often result from token transfers, wallet consolidations, or burn-related activities.
Although new wallet creation fell by 8.57%, the rise in network activity suggests an increase in transactions – a sign of internal restructuring and potential preparation for price movements.
Price Movement Remains in a Narrow Range
At the time of analysis, SHIB’s price was moving within a narrow range between USD 0.00001106 and USD 0.00001290. The price was attempting to stabilize above the middle Bollinger Band at USD 0.00001198. A breakout above the resistance at USD 0.00001290 could pave the way for a rise toward the next supply zone at USD 0.00001428.
If this breakout fails, continued sideways movement is likely. However, buyers are still defending the key support zone between USD 0.00001100 and USD 0.00001110.
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Speculative Interest on the Rise
Open interest – the total volume of open derivative positions – rose by 7.05% to USD 125.57 million. This indicates that traders are increasingly building positions. The long/short ratio stood at 1.17 – with 54.06% of traders betting on rising prices. This ratio suggests cautious optimism.
Combined with the tight price structure, this could point to an upcoming impulsive move. Traders appear to be preparing for a potential breakout, while remaining cautious of short-term resistance levels.
Our Assessment
The massive surge in Shiba Inu’s burn rate is a clear signal of increased activity within the network. Coupled with rising wallet usage and growing speculative interest, this paints a picture of increasing momentum. Nevertheless, the price remains stuck in a narrow range for now.
A sustained breakout above USD 0.00001290 would be a technical signal of a potential trend reversal. Until then, SHIB remains in a phase worth watching – with potential for volatility, but no clear direction yet.
Sources
- IntoTheBlock
- TradingView
- Coinglass
| Symbol | DOGE |
| Coin type | Alt Coin |
| Transaction Speed | Medium |
| Pros |
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| Cons |
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| Further practical applications | |
| Price | $0.18 |
| 24h % | 4.07 % |
| 7d % | 16.64 % |
| 30d % | -8.24 % |
| 60d % | -20.76 % |
| 1y % | 22.20 % |
| Market Cap | $27,234,949,134.00 |
| Official Links | Website | Source Code |
| Socials | Reddit | X |
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