Amid the ongoing price decline, Shiba Inu stands out with a rise in token burn rate, attracting attention from crypto enthusiasts.
SHIB Token Burn Rate Rise
Today, a Shiba Inu token burn tracker posted that the Shiba Inu community has witnessed a 640% increase in the token burn rate over the past 24 hours. During this period, a total of 15,493,929 SHIB tokens were burned. Over the past seven days, a significant 541,922,921 tokens have been burned, marking a 622% increase from the previous period.
Current Price Trends
Despite the increase in token burning, the ongoing bearish market sentiment has raised hopes of a price recovery. In the crypto industry, burning tokens or assets from the total supply is seen as a positive and bullish sign. However, in the past 24 hours, SHIB recorded a 5% price drop and is currently trading near $0.0000124. Additionally, during this period, trading volume declined by 37%, indicating lower participation from traders and investors compared to the previous day.
SHIB Technical Analysis and Upcoming Levels
With the recent price drop, the meme coin reached a crucial support level that it has been testing since March 9, 2025, along the ascending trendline. SHIB's four-hour chart shows the meme coin has been forming lower highs and lower lows since February 2025. During this period, SHIB found support at the ascending trendline but later broke down and declined. Based on historical patterns and recent price action, if the meme coin falls and closes below the $0.00001215 level, there is a strong possibility it could drop by 10% to reach the $0.0000111 level in the coming days.
In conclusion, the surge in SHIB token burning could not prevent the price drop under the overall bearish trend in the crypto market. Future price dynamics will depend on SHIB's ability to maintain key support levels.
