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The crypto ecosystem is giving up its accrued gains, with Shiba Inu (SHIB) also dragged into the mix. At writing time, SHIB bears are apparently in takeover mode, pushing the token down toward its crucial support level. However, the Shiba Inu burn rate is showcasing a different bullish trend that might help the price find its balance.
Shiba Inu burn rate trend
According to data from Shibburn, the Shiba Inu burn rate has jumped by 506% in 24 hours. While less than three million SHIB tokens were torched with this burn, the outlook for the ecosystem is positive. The burn rate now accounts for one of the few on-chain metrics in the green in the Shiba Inu ecosystem.
At the moment, the total number of SHIB burnt now comes in at 410,743,143,534,435 tokens. This leaves a total of 584,236,683,170,938 SHIB in circulation. It is worth noting that the SHIB community is enthusiastic about reducing the supply, a push many believe will impact the token’s pricing.
Despite introducing the Shibarium burn portal in 2024, the periodic slowdown in the Shiba Inu burn rate remains a concern.
State of SHIB price
As of writing time, the price of Shiba Inu is losing its vigor in both the general and meme coin ecosystems. Per data from CoinMarketCap, the token is down by 7.16% in the past 24 hours to $0.00001991.
Losing the $0.00002 support level, which it has held since at least Jan. 1, is considered a major concern. Although this bearish price trend reflects the general market sentiment, SHIB bears drive this trend to a new height.
Notably, SHIB whales, known for their activities these past weeks, may also reenter the market to help fuel a rebound in the token’s price. In the meantime, lead developer Shytoshi Kusama is helping to keep the community enthusiastic, with posts keeping fudders at bay.
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