SHIB Burn Rate Jumps 450% as Circulation Shrinks

One method to slow the token's circulation is the SHIB burn rate, which is set to decrease over time. Therefore, a percentage of the SHIB tokens is

Shiba Inu (CRYPTO: SHIB) burns continue at a rapid pace, with the latest data showing a 450% increase in the burn rate over the past 24 hours.

According to statistics from Shibburn, a website that tracks SHIB burns, a total of 2,903,600 coins were burned during this period.

The burns were carried out in seven separate transactions, with the smallest batch containing 100,000 SHIB and the largest batch containing 1,200,000 SHIB.

The total amount of SHIB burned now stands at 453,033,333 (453K), while 583,516,038,997,683 SHIB tokens are still in circulation.

The SHIB price reacted positively to the burns, rising by 3.25% to reach $0.00001778 at the time of writing. The token price had earlier dropped to a low of $0.0000168 on Monday.

Shiba Inu price chart for the past 24 hours on Binance. Source: TradingView.com

The price increase comes amid a broader recovery in the meme coin sector, which has seen several tokens posting strong gains over the past month.

According to data from CoinGecko, SHIB is up 32% over the past 30 days, outperforming other meme coins such as Dogecoin (CRYPTO: DOGE) and Floki Inu (CRYPTO: FLOKI).

Cantonese Cat, a crypto analyst, included SHIB in his list of 10 cryptocurrencies that are currently showing a buy signal.

According to the analyst, the "L3 Banker Fund Flow Trend Oscillator" is the primary indicator that is generating a strong buy signal for SHIB.

"This indicator last signaled a strong buy in March 2022, when the SHIB price was ranging between $0.000007 and $0.000008," Cantonese Cat said.

"After that signal, the SHIB price saw several months of sideways movement before it began a strong rally in February 2024, rising over five times to reach $0.000045 by March."

Based on Fibonacci retracement levels, Cantonese Cat's analysis suggests that SHIB could be setting up for a similar bullish trend, with potential price targets in the coming months.

"The long-term price target for SHIB is $0.00047, which could lead to a 30x gain from the current price, at the 1.618 Fibonacci extension level," the analyst said.

"While this target is not impossible, it is likely to face strong resistance along the way."

Shiba Inu burn rate today: 2,903,600 SHIB sent to dead wallet

Shiba Inu price increases as 2.9 million SHIB coins are removed from circulation

Shiba Inu price drops to lowest level since March 13, despite coin burns

Shiba Inu price drops to lowest level since March 13, despite coin burns

Shiba Inu price drops to lowest level since March 13, despite coin burns

Shiba Inu price drops to lowest level since March 13, despite coin burns

Shiba Inu price drops to lowest level since March 13, despite coin burns

Shiba Inu price drops to lowest level since March 13, despite coin burns

Shiba Inu price drops to lowest level since March 13, despite coin burns

Shiba Inu price drops to lowest level since March 13, despite coin burns

Shiba Inu price drops to lowest level since March 13, despite coin burns

Shiba Inu price drops to lowest level since March 13, despite coin burns

Shiba Inu price drops to lowest level since March 13, despite coin burns

Shiba Inu price drops to lowest level since March 13, despite coin burns

Shiba Inu price drops to lowest level since March 13, despite coin burns

Shiba Inu price drops to lowest level since March 13, despite coin burns

Shiba Inu price drops to lowest level since March 13, despite coin burns

Shiba Inu price drops to lowest level since March 13, despite coin burns

Shiba Inu price drops to lowest level since March 13, despite coin burns

Shiba Inu price drops to lowest level since March 13, despite coin burns

Shiba Inu price drops to lowest level since March 13, despite coin burns

Shiba Inu price drops to lowest level since March 13, despite coin burns

Shiba Inu price drops to lowest level since March 13,