- Shiba Inu’s burn tracker reported a 210% upswing in burn transfers.
- SHIB battles a hefty resistance level after eating a zero in SHIB’s price.
- Over 25B SHIB was destroyed in December’s burning campaign.
The popular Japanese guard dog-themed cryptocurrency Shiba Inu (SHIB) recently erased a zero from its market price in the early hours of Thursday, January 11, 2024. Picking up on the Bitcoin ETF approval rally, SHIB soared to $0.00001049 on the same day, but later retraced most of the daily gains.
Meanwhile, the Shiba Inu community continues to contribute towards reducing the number of SHIB coins in circulation. In Friday’s report, the SHIB Army sent 16,590,173 million Shiba Inu (SHIB) coins to the bottomless pit. This upped the Shibburn daily rate by 210%, blazing the aforementioned amount in 5 transactions to burning addresses.
Shiba Inu Faces Multi-Trillion Resistance Barrier
Facing a robust upswing on the news that the U.S. Securities and Exchange Commission (SEC) approved the inaugural Bitcoin exchange-traded fund (ETF), Shiba Inu (SHIB) stumbled upon a cognizant support level.
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In further detail, the $0.00001 support line is significant for Shiba Inu’s price movement due to over 103,000 cryptocurrency holders making a slight profit or breaking even at this price range. Going forward, Shiba Inu (SHIB) faces a couple of confluent resistance levels with nearly 88% of the total circulation in place.
Ultimately, this means that Shiba Inu’s price range between $0.00001 and $0.00002 bumps into heavy selling pressure, as the aforementioned price range holds a majority of holders currently in the red on their SHIB holdings. In order to sustain this level and soar above $0.00002, SHIB has to clear the 515 trillion Shiba Inu coin hurdle.
At press time, the #18 seated Shiba Inu (SHIB) is changing hands at $0.00000994, according to CoinGecko. Naturally, a lot of the upward trajectory potential depends on Shiba Inu’s Layer-2 Shibarium, which constantly burns SHIB tokens in cumulative burning events, garnered through transaction fees on Shiba Inu’s own chain.
On the Flipside
- SHIB burns in the millions rarely have an instant effect on the coin’s price, thus many Shiba Inu community members are encouraged to up the ante on burns.
- SHIB Token’s cumulative trading fee burns, depending on the activity on Shibarium L2, tend to have an instantaneous impact on Shiba Inu’s price.
Why This Matters
Cryptocurrency burning is beneficial for the coin’s long-term scarcity and market value.
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