Sell-Off Continues as SHIB Burn Rate Skyrockets to 112,000%

Shiba Inu (SHIB) has been experiencing some interesting supply-side dynamics that are indicating bullish potential for the cryptocurrency. Despite this, SHIB is currently facing downward pressure in the market.

Earlier this week, SHIB’s burn rate skyrocketed to over 112,000%, with more than 116 million coins being transferred to wallets where they cannot be spent. Essentially, these coins were taken out of circulation permanently. The daily burn rate refers to the number of SHIB tokens that are destroyed or removed from circulation each day. Token burns are meant to decrease the overall supply of the cryptocurrency over time, giving it a deflationary aspect.

According to CoinDesk’s AI insights, over 527 trillion SHIB tokens are approaching profitability, and the burn rate has increased by 112,839% with 116 million tokens removed from circulation. Additionally, SHIB’s ecosystem fundamentals are showing strength, with a record number of wallet growth exceeding 1.5 million unique addresses and significant increases in Shibarium layer-2 transactions.

Despite these positive indicators, SHIB is currently trading at $0.00001190, reflecting a 2% drop in the past 24 hours and nearly a 5% decline for the week. Overnight, the token faced considerable selling pressure, with above-average volume exceeding 500 billion units, establishing resistance around $0.0000122.

In terms of technical analysis, key insights include the formation of a double-bottom pattern on the charts, suggesting a potential 20% rally to $0.000016. Key resistance has been identified at $0.0000122, supported by above-average volumes. The narrow trading range between $0.00001203 and $0.000012 indicates a consolidation phase. Volume spikes at specific times coincided with price recovery attempts.

Overall, despite the bullish supply-side dynamics and positive ecosystem fundamentals, Shiba Inu (SHIB) is currently facing selling pressure and trading under a downtrend. Traders and investors will be closely watching the technical indicators and market trends to determine the future direction of the memecoin. Bullish group, majority owned by Block.one, is a prominent player in the blockchain and digital asset space. With significant holdings of digital assets, including bitcoin, both companies have diversified interests in various blockchain projects. CoinDesk, as an independent subsidiary, plays a crucial role in providing unbiased news and analysis in the cryptocurrency and blockchain sector.

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