Shiba Inu’s burn rate has exploded, increasing bullish price predictions.
In the past 24 hours, SHIB’s burn rate has skyrocketed by over 53,000%, with over 172 million tokens removed from circulation. This type of supply reduction usually attracts attention quickly.
However, prices have not responded in the same way. SHIB is still hovering around $0.000005379, struggling to maintain key support levels amid the overall crypto market pullback.
The token fell about 2.44% on the day due to the decline in Bitcoin and pressure spreading across altcoins.
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Supply Context: Does Burn Rate Change Calculations?
A 53,000% burn spike sounds huge. But the real question is whether it will actually change the supply of SHIB in a meaningful way.
Approximately 172 million tokens were removed in the recent incineration. This seems huge until you compare it to the circulating supply of over 585 trillion SHIB. In reality, its combustion reduces supply by only about 0.00003%.
(Source: Siban)
Think of it like pumping a bucket of water out of the ocean. The bucket is real, but the ocean barely notices it.
For Burn alone to meaningfully move prices, this pace would need to continue for several months or be combined with enhanced Sybarium implementation to speed up the process.
Shiba Inu price prediction: $0.00000530 danger zone
The chart doesn’t look strong at the moment.
SHIB is below the short-term and medium-term moving averages, indicating that sellers are still in control of the trend. The price is currently testing significant support around $0.00000545.
(Source: SHIBUSD / TradingView)
Basically, this level is the important level. If you own SHIB, it could see a slight rebound towards $0.00000560. Momentum indicators are already leaning toward oversold, which could cause a short-term pullback.
However, once $0.00000545 is broken, things quickly become dangerous. The next support is located near $0.00000530. Losing that level will cause the chart to confirm an even lower low, opening the door to a deeper downside.
Volume is also important. Recent trading activity has surged to around $179 million, suggesting that selling pressure remains active.
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The post Shiba Inu Price Analysis: Burn Rate Jumps 53,000% – What Does This Mean? appeared first on 99Bitcoins.
