Shiba Inu (SHIB) burn rate shot up a whopping 1,300% in the past 24 hours with 17 million tokens being removed from supply.
By Parth Dubey
Editor Hamza Tariq
Updated
3 mins read
Shiba Inu SHIB $0.000012 24h volatility: 2.0% Market cap: $7.29 B Vol. 24h: $191.18 M , the popular meme token, has recently seen a massive increase in its burn rate, sparking speculation of a potential price rally.
Data from Shibburn shows that SHIB’s burn rate skyrocketed by 1,300% in the past 24 hours, with over 17 million tokens permanently removed from circulation.
However, this aggressive token burn has not yet translated into immediate price gains, as SHIB is currently trading at $0.00001226, down nearly 3% over the same period.
Given that the token is also trading below its 20-day EMA at $0.00001309, many investors are questioning whether this marks a period of accumulation or further decline.
Large SHIB holders appear unshaken, actively accumulating more tokens over the past few days, shows IntoTheBlock data.
On March 26 and 27, these investors faced notable net outflows as SHIB’s price declined, but this trend quickly reversed. Since March 28, large holders have accumulated a staggering 631.74 billion SHIB, worth over $7.58 million.
In just three days, March 28–30, these wallets witnessed positive netflows of 276.28 billion SHIB ($3.3 million). Notably, the bulk of this buying spree took place on March 30, with an influx of 206.93 billion SHIB.
Smaller investors have also joined the accumulation wave, with their combined balances increasing by 240 billion SHIB.
The Relative Strength Index (RSI) for SHIB is currently in the lower range, sitting at 37.84, while the RSI moving average is at 42.67.
Source: TradingView
This suggests that SHIB is approaching oversold territory, historically a zone where strong reversals have occurred. If buying pressure increases, this could drive a trend shift toward bullish momentum.
Plus, SHIB’s holder count has surpassed the 1.5 million mark, reinforcing its position as one of the most widely held cryptocurrencies.
With SHIB’s deflationary nature–its circulating supply having shrunk from 999 trillion to 584 trillion.
A recent TradingView analysis by crypto trader Crispus9 pointed to a potential bullish breakout. SHIB has been trading within a falling wedge pattern since November, a historically bullish formation.
Source: TradingView
If this breakout materializes, Crispus9’s chart suggests price targets of $0.00001566 in the short term, with a more ambitious upside target of $0.00003341, representing a potential 176% gain from current levels.
If SHIB holds above its key support near $0.00001200 and breaks past resistance at $0.00001267, the bullish case gains further credibility.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
