The SHIB burn rate has skyrocketed by an astronomical 3,400%, with over 52 million SHIB tokens permanently removed from circulation. This aggressive deflationary mechanism has eliminated a total of 410,708,459,364,680 SHIB from the initial plan. supplyindicating a significant change in the scarcity and potential value of the asset.
The SHIB burn rate has skyrocketed by an astronomical 3,400%, with over 52 million SHIB tokens permanently removed from circulation. This aggressive deflationary mechanism has eliminated a total of 410,708,459,364,680 SHIB from the initial plan. supplyindicating a significant change in the scarcity and potential value of the asset.
The implications of such a substantial increase in the flaring rate are multiple. By reducing the total supply, each remaining SHIB token becomes inherently scarcer and potentially more valuable. This is a classic economic scenario in which a decrease in supply, with constant or increasing demand, can cause an increase in price.
SHIB’s recent price analysis shows that it is flirting with a critical resistance level. If we look closely at the token’s performance on the charts, the resistance to watch is around the $0.000008 level. A convincing break above this level could signal the start of an uptrend, which could lead to significant price appreciation.
As for support, SHIB has found strong buying interest at the $0.0000073 mark. This support level is crucial as it has historically been a springboard for price reversals. A strong defense of this level could bolster investor confidence and help maintain bullish momentum.
Additionally, a recent tweet from Shibburn indicated a 160% increase in burn rate over the past week, with over 102 million SHIB sent to unrecoverable wallets. This news adds to the narrative that SHIB could be gearing up for a substantial price move.
As SHIB continues to rally around these burns, the potential for growth in the token’s value seems more real. The combination of on-chain token burning and SHIB’s supportive community dynamic presents a compelling case for why we could be about to see SHIB’s price “explode” to new heights.
