SHIB Burn Rate Turns Positive as Bulls Prepare for Shiba Inu Price Rally

SHIB Burn Rate Turns Positive as Bulls Prepare for Shiba Inu Price Rally

The dog-themed cryptocurrency Shiba Inu (SHIB) has seen a positive change in its burn rate over the past 24 hours as the community burns millions of SHIB to reduce the total supply.

The dog-themed cryptocurrency Shiba Inu (SHIB) has seen a positive change in its burn rate over the past 24 hours as the community burns millions of SHIB to reduce the total supply.

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According to data from shibburna platform that tracks SHIB burns, the burning rate has increased by 357.48% in the last 24 hours, with 14 million (14,000,832) SHIB burned.

In the last seven days, 152,246,124 SHIB were burned through various transactions.

Shiba Inu bulls made another attempt to remove a zero from SHIB price, but their efforts again fell short of the $0.00001 level. SHIB price reached a high of $0.0000098 on January 20 before the bulls encountered an impediment, halting the price’s advance from Friday’s lows.

The Shiba Inu price recovered after falling to a low of $0.00000878 on Friday. Slight gains were maintained in early trading on Sunday, with SHIB rising 0.86% in the last 24 hours to $0.0000095.

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On the upside, the bulls would need to launch a charge on the $0.000010 to $0.000014 barrier for SHIB to secure big gains.

According In the block According to data, 260,230 addresses purchased 168.53 billion SHIB in the range of $0.000010 to $0.000014. Being the largest resistance group, selling pressure could be expected as investors look to sell once they break even on their holdings.

That said, the bulls appear to be pausing for the moment, saving the energy needed to overcome this hurdle while also ensuring that current SHIB price levels are not missed.

However, as things stand, SHIB’s price performance could depend on the overall sentiment and direction of the cryptocurrency market, which is now showing signs of recovery after the decline seen following the approval of the Bitcoin ETF.

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Shiba Inu: 70 billion SHIB could rescue the price from a sharp fall

Great news, Shiba Inu Layer 2 Shibarium is about to reach an important milestone: 300,000,000 total transactions. According to explorer Shibariumscan, total transactions now stand at 299,843,710. Wallet addresses are now 1,342,739, while total blocks are 2,757,656.

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