Market Analysis Focus
SHIB Burn Rate Soars Past 112,000% as Price Slips Below Resistance
Shiba Inu (SHIB) burned over 116 million tokens this week in a major spike that saw its burn rate soar 112,839%, according to CoinDesk AI insights. The surge is part of a growing trend among SHIB holders to reduce token supply and potentially support long-term value.
Despite this aggressive token reduction, SHIB remains under pressure. The meme-inspired crypto has dropped 2% in the past 24 hours, trading at $0.00001190, and continues to face strong resistance near $0.0000122. Technical charts now show a double-bottom pattern, a signal often associated with trend reversals, suggesting a possible rally to $0.000016.
Meanwhile, Shiba Inu’s fundamentals are quietly strengthening. The Shibarium layer-2 network has seen a sharp rise in activity, and wallet addresses now exceed 1.5 million, indicating deepening engagement across the ecosystem. Yet, for now, price action remains muted amid broader market uncertainty and heavy selling volume.
