👇Follow Coin Mozo👇

Shiba Inu Shib Burn: A Deep Dive into 3348% Burn Rate Surge

Shiba Inu Shib burn most recent data shows a 7.8 million token burn, indicating a likely rally to the $0.000020 range before challenging the $0.00030 level, as the memecoin has been in a decline, with a turning point at $0.000020 in mid-July.

Shiba Inu (SHIB), a popular memecoin, has recently seen an increase in burn activity. This smart approach plans to restrict the circulating supply of SHIB tokens, potentially increasing their value.

Shib Burn
Shiba Inu Shib Burn: A Deep Dive into 3348% Burn Rate Surge 5

A massive burn of 7.8 million SHIB tokens was observed, coinciding with a critical support level of $0.0000130. This 3,348% increase in burn rate is a good indicator for SHIB investors because it shows increased trust in the token’s future.

Shib Burn Impact on SHIBA Price

SHIB has been on a downtrend, with a significant breakpoint at $0.000020 in mid-July. The current burn could be a planned move to reverse the trend and boost SHIB to higher price levels.

The latest daily chart of SHIB recalls pre-March action, which pushed the token to a resistance level of $0.0000380. If the current trend continues, SHIB could rally to the $0.000020 range before reaching the $0.00030 level.

Understanding Shib Burn

SHIB burns are a method for manipulating the token’s value by making it limited. Since its creation, 41% of the whole SHIB supply has been burned, lowering overall circulation.

crypto news
Shiba Inu Shib Burn: A Deep Dive into 3348% Burn Rate Surge 6

In a recent move, up to 280 million SHIB tokens were burnt just before September, most likely as a precaution against possible market volatility.

The Role of Bitcoin(BTC) in Shib Burn

Despite the burn initiatives, SHIB was unable to protect itself from the Bitcoin (BTC) decline. The memecoin began September on a downbeat note, following the BTC trend.

However, the current timing is consistent with broader market optimism. If SHIB maintains its current momentum, it could return to its former market highs.

A Critical Stage for Shiba Inu Coin

Experts say confidence may evaporate if SHIB bulls fail to retain the $0.0000130 support level. A recent market surge resulted in an almost 1% increase in SHIB’s worth, but this might be reversed if bears pull the price below this key level.

crypto news
Shiba Inu Shib Burn: A Deep Dive into 3348% Burn Rate Surge 7

In contrast, if SHIB can successfully break over $0.0000130, it could result in a considerable increase in the number of lucrative addresses, supporting bullish sentiment.

Impact of SHIB Burn on HODLers

The one-year lookback chart reveals a large fall in SHIB’s exchange reserves, reflecting increased confidence among HODLers. This shows that many investors are holding onto their SHIB tokens because they believe in its long-term value.

crypto news
Shiba Inu Shib Burn: A Deep Dive into 3348% Burn Rate Surge 8

Shiba Inu is currently in a serious situation. The current burn approach is a good indication, but its success is dependent on bulls’ ability to hold important support levels. It is critical to be updated and search for authentic news earlier than others. Investors could follow Coin Mozo on X to be updated on Memecoins.

If SHIB can maintain its position above $0.0000130, it has the potential to achieve greater price levels. However, failing to do so could result in additional downward pressure.

Also Read: Shiba Inu Coin Burn Jumps 2000%: Bullish Signs for SHIB Price Ahead?

Disclaimer

The content presented here may express the author’s personal opinions and is subject to change based on market conditions. It is crucial to conduct your own market research before investing in any cryptocurrency. Neither the author nor this publication assumes any responsibility for any financial losses you may incur.