While some seasoned crypto analysts are reigniting talks about another leg in the memecoin supercycle, some factors say the enthusiasm hasnโt reached its peak yet. Namely, Shiba Inu burning mechanism flopped by 79% in a single day, bringing the collective daily burn record to just two transactions.
Presently, thereโs 8,258,774 Shiba Inu tokens burned in a 24-hour time span, equalizing to $119.58, according to info from CoinGecko. This falls within one of the quietest days in terms of Shiba Inu (SHIB) burn this month, as SHIB nears a crucial price threshold. Indeed, IntoTheBlockโs data shows that the $0.000015 resistance level is where all the fun starts.
SHIB To Play Key Role In Memecoin Supercycle Reload
In case of a returning meme coin supercycle, Shiba Inuโs (SHIB) lighthouse targets would be around $0.000035, analysts argue. These familiar levels have signaled Shiba Inu bull run tops twice in 2024, in March & December. However, for this bullish structure to take off again, SHIB would have to reclaim the $0.000015 confluent resistance level first.
To be completely precise, the resistance bubble between $0.000015 & $0.000019 territory encompasses 532 trillion Shiba Inu coins, approximately 90% of all circulating. Split between 126.2K addresses, the sentiment of these large holders could solely determine the direction of SHIB in the near future. As of now, 42% of SHIB custodians are making a profit.
Despite showing signs of decoupling from the rest of the market yesterday, the whole meme coin section flopped by 5% in 24 hours, bringing the total market capitalization to $72.111 billion. While the general markets remained at status quo with a $3.43 trillion market capitalization, the return of the memecoin season could take its time due to fierce competition.
On The Flipside
- Despite the daily SHIB burn rate being down bad, the weekly record saw a 119.59% upswing at 141.41M tokens burned in 7 days.
Why This Matters
A community-led digital bonfire helps eliminate the over-minted supply of any meme coin. Shiba Inu started with 999 trillion tokens, but the supply was reduced to 584 trillion throughout the years.
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