SHIB Collapses 4.7% as Burn Rate Explodes – Will It Plummet to $0.00000800?

The price of SHIB dipped to $0.00001293 although the 3,253% burn rate boost in 24 hours showed bearish market trends.

Large-scale token burning of 29.3 million SHIB throughout a single day did not succeed in boosting the market because investor sentiment remained negative.

The recovery of SHIB requires it to surpass the $0.00001369 resistance level but any unsuccessful attempt may drive the price down toward $0.00001277 support.

During the last 24 hours Shiba Inu (SHIB) sustained a significant price drop reaching $0.00001293 while declining by 4.7%. The hourly movement also reflects a negative trend, with a slight dip of 0.21% to $0.00001301.The market valuation has decreased by 1.37% as it now stands at $7.67 billion.This decline aligns with a broader downtrend in the crypto market, with investors showing caution amid ongoing volatility.

SHIB Burn Rate Soars 3,253% in 24 Hours

A key highlight in SHIB’s recent performance is the significant burn activity. In the past hour, 28,536,814 tokens have been burnt across two transactions. SHIB token burn rate increased dramatically by 3,253.34% within the last 24 hours leading to a total elimination of 29,323,261 tokens from circulation. SHIB has experienced a 19.54% decrease in weekly token burns as 103,929,094 tokens were removed from circulation during the last seven days.

The increasing SHIB burn rate reflects continuous supply reduction efforts which normally create token scarcity and offer potential price growth through time Despite this aggressive burning activity, the immediate price response remains bearish, indicating that market sentiment may currently be driven by broader economic and crypto sector uncertainties rather than supply reduction alone.

SHIB Price Outlook: Will 3,253% Burn Surge Spark a Breakout?

If the burn rate continues at an accelerated pace, it could influence SHIB’s long-term valuation positively. However, short-term price movements remain highly dependent on overall market trends and investor sentiment. The currency shows support and resistance levels at its present trade range between $0.00001277 and $0.00001369. A price rise above existing resistance points might lead to a turnaround in trend direction unless continued price drops push prices lower than ever before.

The market sentiment within the Shiba Inu ecosystem remains complex given recent price declines even though token burning has increased. The future impact of token burns on the market is unclear, thus investors and traders will examine SHIB's price activity and market trends as they assess its future direction.

The post SHIB Collapses 4.7% as Burn Rate Explodes – Will It Plummet to $0.00000800? appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.