The crypto market is experiencing a downturn, and Shiba Inu (SHIB) is caught in the crossfire. The token has seen a significant price drop, nearing its crucial support level. However, a surge in the Shiba Inu burn rate provides a glimmer of hope for the future.
Burn Rate Soars, But Challenges Remain
Data from Shibburn reveals a 506% increase in the Shiba Inu burn rate within the last 24 hours. While the absolute number of tokens burned remains relatively modest, this trend signifies a positive development within the Shiba Inu ecosystem. The burn rate currently stands as one of the few on-chain metrics displaying bullish momentum for SHIB.
To date, a total of 410,743,143,534,435 SHIB tokens have been burned, leaving a circulating supply of 584,236,683,170,938 SHIB. The SHIB community actively supports burn initiatives, believing that reducing the token's supply will positively impact its price. However, the intermittent slowdowns in the burn rate, despite the introduction of the Shibarium burn portal in 2024, remain a concern.
Price Slumps Amidst Bearish Pressure
The price of Shiba Inu has experienced a significant decline, reflecting the broader bearish sentiment within both the general and meme coin crypto markets. According to CoinMarketCap, SHIB has fallen by 7.16% in the last 24 hours, trading at $0.00001991. The loss of the $0.00002 support level, which held steady since January 1st, is a major concern for SHIB investors.While the current price action mirrors the overall market downturn, the pressure exerted by SHIB bears has intensified the decline. However, the potential re-entry of SHIB whales, who have been active in recent weeks, could trigger a price rebound.
Community Remains Optimistic
Lead developer Shytoshi Kusama continues to engage with the community, addressing concerns and maintaining optimism. His efforts to counter the spread of negative sentiment (FUD) are crucial in maintaining community morale during this challenging period.
January 2025, Cryptoniteuae