Saad Ullah
Shiba Inu (SHIB) just saw its burn rate skyrocket by 10,786%, with over 9.5 million tokens permanently removed from circulation. But despite this massive token destruction, SHIB's price hasn't budged much, and 88% of holders are still in the red.
SHIB Community Burns 9.5 Million Tokens in Massive Push
The Shiba Inu community just pulled off one hell of a burn event. According to Shibburn data, the burn rate absolutely exploded by 10,786%, wiping out over 9.5 million SHIB tokens from existence. That's a pretty big deal for a token that's been struggling to find its footing lately.
Here's the thing though - burning tokens is supposed to make them more scarce, which should theoretically pump the price. The idea is simple: fewer tokens in circulation means higher demand for what's left. But reality? SHIB's price is still stuck in the mud, and a whopping 88% of holders are currently underwater on their investments, according to IntoTheBlock data.
The burn mechanism has become SHIB's go-to strategy for trying to create value. By permanently removing tokens from the market, the community hopes to gradually chip away at that massive supply and maybe, just maybe, get some upward price action going.
SHIB Price Eyeing Key Technical Breakout Level
Despite the lackluster price performance, there might be some light at the end of the tunnel for SHIB holders. The token is creeping up toward a crucial technical level that could make or break its next move - the 26-day exponential moving average sitting around $0.0000118.
This level has been a real pain point for SHIB. Every time the price gets close, sellers jump in and push it back down. It's like hitting your head against a brick wall, but SHIB keeps trying.
Last week on June 25, there was a brief moment of hope when SHIB surged, but it quickly fizzled out. Still, the token managed to bounce back from around $0.0000110 to reclaim the $0.0000120 zone. The RSI also climbed out of oversold territory, which is usually a good sign that buyers might be stepping back in.
Will SHIB Finally Break Through This Time?
The big question now is whether SHIB can actually break through that stubborn 26 EMA resistance around $0.0000119. It's tried multiple times since early June and failed each time. But with this massive burn event and some improving technical signals, maybe this time will be different.
Traders are watching this level like hawks. A clean break above it could signal that SHIB is finally ready to make a real move higher. But until that happens, it's all just speculation and hope.
The combination of the burn surge and technical setup has definitely got people talking again. Whether that translates into actual buying pressure remains to be seen. SHIB holders have been through this rodeo before, so they're probably keeping their expectations in check while secretly hoping this is finally the catalyst they've been waiting for.
Saad Ullah
