Price Analysis View Non-AMP

SHIB Burn Rate Soars 640%, But Price Drops – What’s Next?

Published by
Chandan Gupta

Amid the ongoing price decline, Shiba Inu (SHIB), the popular and second-largest meme coin, has seen a rise in its token burn rate and is now gaining significant attention from crypto enthusiasts.

SHIB Burn Rate Jumps By 640%

Today, a blockchain-based Shiba Inu SHIB token burn tracker posted on X (formerly Twitter) that the Shiba Inu community has witnessed a 640% surge in the token burn rate in the past 24 hours.

The post on X further added that during this period, the community burned a total of 15,493,929 SHIB tokens. However, it also mentioned that a significant 541,922,921 SHIB tokens have been burned in the past seven days, marking a 622% increase.

Current Price Momentum

Despite the rise in token burning, the ongoing bearish market sentiment has sparked hopes of a price recovery. In the crypto industry, when a token or asset is burned from the total supply, it is considered a positive and bullish sign.

However, despite this, SHIB has recorded a 5% price drop in the past 24 hours and is currently trading near $0.0000124. Additionally, during the same period, its trading volume declined by 37%, indicating lower participation from traders and investors compared to the previous day.

Shiba Inu (SHIB) Technical Analysis and Upcoming Levels

With this recent price drop, the meme coin has reached a crucial support level, which it has been testing since March 9, 2025, along the ascending trendline.

Additionally, SHIB’s four-hour chart shows that the meme coin has been forming lower highs and lower lows since February 2025. During this period, SHIB found support at the ascending trendline but later broke down and declined. Since then, it has continued following the same pattern.

Source: Trading View

Based on historical patterns and recent price action, if the meme coin falls and closes below the $0.00001215 level, there is a strong possibility it could drop by 10% to reach the $0.0000111 level in the coming days.

On the other hand, if this pattern fails, there is a strong chance that the price will soar, leading to a potential reversal.

Chandan Gupta

Chandan Gupta is a crypto analyst and news writer at CoinPedia. He specializes in market analysis using on-chain metrics and industry insights to forecast market trends. With over four years of trading experience, Chandan simplifies complex concepts in technical and on-chain analysis, making them easy to understand. At CoinPedia, he leverages his expertise to identify and present emerging opportunities in the cryptocurrency space

Recent Posts

Pi Network Price Prediction for July 2025

As July 2025 kicks off, Pi Network faces both opportunity and challenge. While the community…

July 2, 2025

Pi Network Price Will Not Fall Below $0.40, Here’s Why

The Pi Network has seen its price drop steadily over the past months. From once…

July 2, 2025

New SEC Guidance Clears the Air for Crypto ETP Issuers: Details Inside

On July 1, the SEC (Securities and Exchange Commission) issued guidance for crypto ETP (Exchange…

July 2, 2025

H1 2025 Crypto Market Report- Market Trends, Key Metrics, and Institutional Flows

After peaking at $3.7 trillion in Q4 2024, the crypto market entered 2025 with weaker…

July 2, 2025

Senate Passes Donald Trump’s Big Beautiful Bill

The U.S. Senate has passed President Donald Trump’s massive $3.3 trillion spending bill, nicknamed the…

July 2, 2025

XRP Enters Grayscale’s NYSE-Listed Digital Asset ETF, Eyes on Pending 17 XRP ETF Filings

The crypto world woke up to big news today as XRP officially became part of…

July 2, 2025