1.1M SHIB Burned in 24H With Burn Rate Up 396% — Could This Trigger a Price Move Soon?

A significant amount of SHIB tokens, totaling 1.1 million, was burned in just 24 hours. This action has pushed the burn rate up by an impressive 396%. Could such a dramatic development be the catalyst for a major price shift soon? Delve into which coins might be on the verge of substantial growth and what this burn means for the market.

Shiba Inu Price Holds Steady Amidst Market Uncertainty

Source: tradingview 

Shiba Inu's price currently sits between $0.00001238 and $0.00001346, showing stability after recent declines. The resistance level at just over $0.000014 could pose a challenge for significant upward movement. However, if broken, a surge to around $0.000015 is possible, marking a potential rise of approximately 10% from the lower end of the current price range. Despite a recent dip, with the one-week change at around -12%, buyers might find opportunity if support holds at about $0.000012. The overall sentiment remains cautious, with market indicators showing a mixed outlook. Yet, if conditions improve, Shiba Inu might see a moderate rebound.

Conclusion

The significant increase in the burning of SHIB coins suggests a possible reduction in supply. This might influence its price positively. Investors and traders will be closely monitoring if this trend can sustain momentum. Future price movements could be impacted if similar burn rates continue.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.