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.
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.
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.
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.
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.
A new meme coin that is gaining significant attention in the cryptocurrency market is Influencer…
While Bitcoin hovers near its recent range lows, a quiet shift is taking place in…
Dogecoin has experienced a significant decline in the past few hours, facing a sharp selloff…
ICB Labs continues its global expansion, strengthening its blockchain ecosystem through strategic collaborations, enhanced staking…
Are you a crypto newbie who wants to become a crypto whale? If so, you've…
The crypto landscape has been stunned by the rapid success of Remittix which obtained over…
