What happens when Shiba Inu (SHIB) burn rate spikes nearly 38,000% and Dogecoin (DOGE) technical analysis flashes a bullish reversal

Shiba Inu (SHIB) saw its burn rate spike nearly 38,000% as analysts spot an inverse head and shoulders pattern that may push SHIB up 512% to reach $0.000081. Meanwhile, Dogecoin (DOGE) technical analysis highlights a rounded bottom breakout as DOGE price circles $0.19.

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Shiba Inu (SHIB) burn rate just soared by 37,937% as analysts noted an inverse head and shoulders pattern that may push SHIB up 512% to reach $0.000081.

Shiba Inu (SHIB) price saw no material change despite the massive burn, with the token still trading at $0.001334 at press time. However, analysts noted that this burn spike could put pressure on SHIB to breakout.

Shiba Inu (SHIB) Total Supply Drops Further After Massive Burn

Shiba Inu (SHIB) tokens worth over $279,486 were burned in the past 24 hours, according to the Shiba Inu burn tracker on Monday. The burn rate spiked sharply, with an increase of 37,937% from the previous day.

The burning activity was focused on DEFI Shiba, aiming to reduce the circulating supply of SHIB tokens. The burning initiative is a community-driven effort to increase the scarcity and value of Shiba Inu.

Shiba Inu (SHIB) price showed little change despite the burn, trading at $0.001334 at press time, on August 1.

Shiba Inu (SHIB) had a turbulent past seven days, with its price showing a decrease of 0.5%. However, in the broader view, SHIB exhibited gains of 3.4% in the past month.

Shiba Inu (SHIB) is known for its strong community and active development, regularly introducing new projects and partnerships to expand the ecosystem.

Shiba Inu (SHIB) is a layer-1 blockchain project that offers smart contracts and dApps, aiming to provide a decentralized ecosystem for various Web3 applications and services.

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