As the broader crypto market took a beating by the crypto bears this week, Shiba Inu (SHIB) relied on the community for rebound efforts. Dropping by nearly 7% in 7 days, the mainstream dog-themed crypto was still licking its wounds from the 3-month low hit earlier this month.
SHIB Price Clings Onto Burning Efforts
Since the drop to $0.00001284 on February 3, 2025, Shiba Inu coinโs rebound efforts were limited to the $0.00001700 resistance levels. In contrast, Shiba Inu (SHIB) price is trying to conquer a lower support territory starting at $0.00001500, where 535.61T SHIB tokens are allocated between 136K crypto wallet addresses.
Sponsored
As currently 40% of SHIB custodians are making a profit, the current SHIB price range below $0.000015 heavily relies on the Shiba Inu communityโs efforts to reduce the supply. In an update from Shibburn, the official burning tracker for the dog-themed meme coin, a 1,335% increase in daily burns was declared, summing up to over 30M tokens.
Done in 5 transactions to null crypto wallet addresses in a time span of 24 hours, this 1,335% increase in Shiba Inu (SHIB) burns is mostly thanks to two anonymous donors. Firstly, a burn transfer of 18,910,211 SHIB tokens was made in the afternoon of February 26, 2025. Then, another 10,326,663 was delivered to the incinerator 5 hours later.
Key Reason Behind Shiba Inuโs Price Lag
Still hovering below the previously strong support territory of $0.00001500, Shiba Inu coin has a lengthy list of hurdles, stopping the memecoin from a noteworthy rebound. According to IntoTheBlock, large SHIB transactions slumped by 7.86% in 24 hours, signaling that largest Shiba Inu holders, otherwise known as whales, were not rushing to buy the market dip.
While this could be explained by a record-high level of fear in the general crypto markets, a further drop in network growth comes due to stagnant trading volume. With a $273,374,202 volume in a 24-hour window, Shiba Inuโs (SHIB) trading action is currently four times slower than PEPE Token (PEPE), a rival meme coin with a considerably lower market cap.
On The Flipside
- Even though bigger SHIB burns tend to have an immediate effect on Shiba Inuโs price, thereโs still 584,322,534,228,281 coins in circulation.
Why This Matters
Deflationary meme coins with active communities tend to stay relevant longer, as seen in the likes of Shiba Inu, Floki & Bonk.
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