Shiba Inu just saw its burn rate explode, fueling bullish price predictions.
Over the past 24 hours, the SHIB burn rate has surged by over 53,000%, erasing over 172 million tokens from circulation. This type of supply reduction usually attracts attention quickly.
But the price did not react in the same way. SHIB is still hovering around $0.000005379 and struggling to hold a key support level as the broader crypto market pulls back.
The token is down around 2.44% on the day, following weakness in Bitcoin and spreading pressure on altcoins.
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Offer Context: Does Burn Rate Change Calculations?
The peak burn of 53,000% seems huge. But the real question is whether this actually changes the supply of SHIB in any meaningful way.
The recent burn removed approximately 172 million tokens. This seems huge until you compare it to the circulating supply of over 585 trillion SHIB. In reality, this combustion only reduces supply by about 0.00003%.
(Source: Shibburn)
Think of it like removing a bucket of water from the ocean. The bucket exists, but the ocean barely notices it.
For burns alone to move the price significantly, the pace would need to continue for months or be coupled with stronger adoption of Shibarium to accelerate the process.
Shiba Inu Price Prediction: The Danger Zone of $0.00000530
The chart doesn’t look strong at the moment.
SHIB has fallen below its short- and medium-term moving averages, a sign that sellers are still in control of the trend. Price is currently testing important support around $0.00000545.
(Source: SHIBUSD/TradingView)
This level is basically the important level. If SHIB holds it, a small relief bounce towards $0.00000560 is possible. Momentum indicators are already oversold, which sometimes triggers short-term rebounds.
But if $0.00000545 breaks, things get dicey quickly. The next support lies near $0.00000530. Lose this level and the chart confirms another low, opening the door for a deeper decline.
Volume is also worth watching. Trading activity recently jumped to around $179 million, suggesting that selling pressure is still active.
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Post Shiba Inu Price Analysis: Burn Rate Skyrockets 53,000% – What Does This Mean? appeared first on 99Bitcoins.
