The second biggest meme is coin Shiba Inu It continues its attacks without slowing down. It has currently witnessed a staggering 4,907% increase in burn rate, creating a wave of excitement among investors and market analysts.
A total of 19,387,761 SHIB tokens were burned in a total of nine transactions within 24 hours on the network. This activity represents a sharp increase compared to the previous day, when only 387,207 SHIB tokens were burned. The weekly burn rate also supports this upward trend, showing an increase of 38.16% with a total of 210,346,123 SHIB tokens burned in the last seven days.
In the cryptocurrency arena, the concept of burn describes effectively removing tokens from circulation. This practice aims to potentially increase the value of the remaining tokens due to the principles of supply and demand.
Koinfinans.com As we have reported, the price of Meme coin is currently following a relatively horizontal movement and fluctuates very little, hovering around $0.000009.
On the other hand, meme coin made a small recovery from the $0.00000843 level on January 23. Additionally, it remained above this level for several days.
However, the bulls seem to have struggled to push the price of SHIB above the recent high of $0.00000925 on January 28.
Scenarios Awaiting Shiba Inu
If the Shiba Inu price continues its rise, it could target the next resistance level at $0.00000984, followed by the psychologically important $0.00001 level. A break above $0.0000100 could signal a positive reversal and potentially trigger a rise towards the $0.0000200 level, which has not been seen since May 2022.
Conversely, a break below the key support level of $0.0000085, which has supported the price of SHIB throughout January, could signal a bearish reversal and further price declines. The next support levels to watch will be $0.000008 and $0.000007, which were previously strong demand areas.