Shiba Inu Burn Rate Surges 48,244% as Price Aims for $0.00002

Key Insights:

• Shiba Inu burn rate rose 48,244% in 24 hours, with over 87 million SHIB removed from circulation.
• SHIB price held above $0.000010 support, while eyeing $0.00002 target.
• Shibarium network crossed 1.51 billion total transactions with 4.69 million daily.

The Shiba Inu burn rate rose sharply in the past 24 hours, with more than 87 million tokens sent to dead wallets.

The spike came as the token’s price held above key support levels in a push for local high. With the latest trend, analysts are now pointing to a possible move toward $0.00002.

Shiba Inu Burn Rate Jumps and Supply Impact

It is worth noting that Shiba Inu recorded a dramatic increase in the number of tokens burned over the past day.

As of press time, figures from tracking site Shibburn showed 87,957,833 SHIB were removed from circulation.

This is a rise of 48,244% in the past 24 hours. In the last hour alone, 69,420 tokens were burned in one transaction.

The total supply of SHIB is currently pegged at 589.24 trillion. While the latest burn figure was small in actual SHIB terms, each removal reduces the amount of tokens in the market.

It is worth noting that token burns are permanent and can tighten supply over time if they continue at a high rate.

The increase in burns came alongside more activity from large holders. Data showed whale transactions rising from 1.28 trillion SHIB to 3.69 trillion within two days.

This was an increase of 188%. These transactions involve large amounts of tokens moving between wallets, which can signal greater activity among major market participants.

Price Holds Support and Eyes Higher Levels

It is important to mention that, as of writing, crypto market data revealed that Shiba Inu traded at $0.00001392, up 7.57% in 24 hours.

Per the outlook, its market value was $8.20 billion, and trading volume for the day was pegged at $337.86 million, up 31.53%.

Price charts showed SHIB holding well above $0.000010, a level it has not fallen below for several months.

This price acted as strong support, with buyers stepping in whenever it was reached. The token had also formed a double bottom pattern, with resistance near $0.0000159.

In past trading patterns, a break above this resistance has sometimes led to further gains.

Based on the height of the pattern, the next target could be around $0.0000254 if the breakout happens.

A recent chart shared on social media highlighted higher lows on the daily timeframe.

Higher lows occur when each price dip stops at a point higher than the last, showing that buyers are gradually pushing the price up.

The 50-day and 150-day moving averages had also moved closer together, a point that has in previous periods marked the start of a strong upward move.

Shibarium Crosses 1.5 Billion Transactions

Meanwhile, the Shibarium blockchain, the layer-2 network for Shiba Inu, reached a new milestone.

Data from Shibariumscan showed that the network has processed over 1.51 billion transactions in total.

According to the update, daily activity stood at 4.69 million transactions, with an average block time of five seconds.

There are currently 267.88 million wallet addresses on the network, showing broad adoption since its launch about 2 years ago.

More importantly, the network’s gas fee was 2.2 Gwei at the latest reading, keeping transaction costs low.

Recent blocks showed consistent activity, with hundreds of transactions recorded in each one.

Network use was at 50.76%, meaning it was operating just at average capacity. This leaves room for more activity without slowing transaction speeds.

The combination of a sharp burn rate increase, consistent price support, and active blockchain usage has drawn attention to Shiba Inu’s short-term prospects.

While market conditions can change quickly, the current setup has placed the $0.00002 level within reach if buying interest continues.