Saad Ullah
Shiba Inu (SHIB) saw its burn rate plummet 82% in just 24 hours, but the meme coin is still pushing higher with a 2.32% price jump.
SHIB (Shiba Inu) Burns Take a Nosedive After Massive Spike
Shiba Inu's burn rate just took a massive hit, dropping 82% in less than a day. This comes right after the burn rate had skyrocketed by over 10,000% - talk about a wild ride for SHIB holders.
According to Shibburn data, only 1,556,906 SHIB tokens got burned in the last 24 hours. That's a huge drop from the crazy high numbers we saw before. The burn mechanism is basically the community's way of removing tokens from circulation, hoping it'll drive up the price by making SHIB more scarce.
SHIB (Shiba Inu) Price Doesn't Care About the Burn Drop
Here's the interesting part - despite the burn rate tanking, SHIB's price is actually doing pretty well. The token is trading at $0.00001180 right now, up 2.32% and getting closer to that $0.000012 resistance level everyone's watching.
SHIB even hit $0.00001195 at one point, which shows there's still some serious buying interest. The trading volume tells the same story - it's up a massive 90.53% to $130.7 million. When you see volume pumping like that, it usually means something's brewing.
What's Next for SHIB?
The really interesting thing is what's happening with small transactions. Over the past week, microtransactions have spiked between 195% to 200%. This usually means retail investors are quietly accumulating, betting on higher prices down the road.
So what's driving this? Well, even though the burn rate dropped off a cliff, people are still buying SHIB. The trading activity suggests investors aren't too worried about the burn slowdown - they're more focused on the overall momentum.
Looking ahead, a lot depends on Bitcoin and the broader crypto market. If BTC keeps doing well, it could pull SHIB and other altcoins along for the ride. The question is whether SHIB can break through that $0.000012 resistance and keep this rally going.
For now, the price action is telling a different story than the burn rate. Despite fewer tokens being burned, SHIB is still attracting buyers - and that's what really matters in the short term.
Saad Ullah
