Shiba

Boost

Burn

Momentum

Shiba Inu

<p>The burn rate for popular meme coin Shiba Inu (SHIB) has exploded by over 420% in the last 24 hours, destroying nearly 40 million SHIB tokens in a single day. However, despite this massive increase in tokens being removed from circulation, SHIB remains stuck in a bearish downtrend across all timeframes, according to analysis from AltFINs.</p>
<h2 class="wp-block-heading" id="surging-shib-burn-rate">Surging SHIB Burn Rate</h2>
<p>As noted by crypto analyst Austin Hilton (@austinahilton), the SHIB burn rate has<a href="https://twitter.com/austinahilton/status/1714779893102449073?t=AGk-PEbjp2_HJfXNvr3vgg&amp;s=19" target="_blank" rel="noopener noreferrer nofollow"> skyrocketed</a> from just over 9 million SHIB daily to nearly 40 million SHIB burned over the past 24 hours. This reflects efforts to create scarcity and increase the value of remaining tokens.</p>
<h2 class="wp-block-heading" id="price-action-remains-bearish">Price Action Remains Bearish</h2>
<p>Despite the massive spike in SHIB being burned, the price has not increased accordingly. Analysis from AltFINs confirms SHIB remains stuck in a bearish downtrend across short, medium, and long timeframes.</p>
<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="573" src="https://captainaltcoin.com/wp-content/uploads/2023/10/image-497-1024x573.png" alt="" class="wp-image-359438" srcset="https://captainaltcoin.com/wp-content/uploads/2023/10/image-497-1024x573.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-497-300x168.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-497-767x429.png 767w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-497-1536x860.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-497-2048x1146.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-497-268x150.png 268w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-497-100x56.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-497-625x350.png 625w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-497-788x441.png 788w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<p>AltFINs highlights how SHIB broke below key support at $0.000008 after a bullish breakout to $0.0000115. This has opened up downside risk back towards the $0.0000055 zone. Key resistance remains at $0.0000080, $0.0000100, and $0.00001200.</p>
<p>Momentum indicators are also bearish, with the MACD above the signal line but RSI below 45. This suggests weakening upside momentum.</p>
<h2 class="wp-block-heading" id="surging-burn-rate-could-boost-price-long-term">Surging Burn Rate Could Boost Price Long-Term</h2>
<p>While the exploding SHIB burn rate has yet to impact price, it could have a more significant effect long-term if sustained. With more mechanisms to burn SHIB launching, the burn rate could continue climbing. If so, the dramatically reduced token supply could ultimately provide upward pricing pressure. For now, however, traders eye cheaper entry points as technicals remain bearish.</p>
<div class="bigofferblock margincenter mb30 pt20 pl20 pr20 " style="">
 <div class="col_wrap_two mb0">
  <div class="offerbox_big_wrap flowhidden">
   <div class="image position-relative text-center col_item mobileblockdisplay img-maxh-350 img-width-auto"><a class="re_track_btn" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> <img decoding="async" class="lazyload" data-skip-lazy="" data-src="https://captainaltcoin.com/wp-content/uploads/thumbs_dir/etoro-ca-1-oyc386si1bdrmhrff7xex5ngu4zikfy3ei6bk0rbb6.png" width="500" alt="We recommend eToro" src="https://captainaltcoin.com/wp-content/themes/rehub-theme/images/default/blank.gif"> </a>
   </div>
   <div class="product-summary col_item mobileblockdisplay">
    <h3 class="product_title entry-title font150 lineheight25 mb30" id="a-class-re_track_btn-href-https-captainaltcoin-com-go-etoro-target-_blank-rel-noopener-noreferrer-nofollow-span-we-recommend-etoro-span-a"><a class="re_track_btn" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> <span>We recommend eToro</span> </a></h3>
    <div class="rev_disclaimer font70 greencolor lineheight15 mb20"><strong>74% of retail CFD accounts lose money.</strong>
    </div>
    <div class="buttons_col mb25 rh_big_btn_inline">
     <div class="priced_block clearfix">
      <div><a class="re_track_btn btn_offer_block" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> Visit eToro Now </a>
      </div>
     </div>
    </div>
    <div class="bigofferdesc"><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Active user community and social features like news feeds, chats for specific coins available for trading. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Copy trading: allows users to copy the trades of leading traders, for free. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.
    </div>
   </div>
  </div>
 </div>
</div>
<p>The post <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com/shiba-inu-shib-burn-rate-explodes-400-in-24-hours-but-bears-remain-in-control/">Shiba Inu (SHIB) Burn Rate Explodes 400%+ in 24 Hours but Bears Remain in Control</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Shiba Inu (SHIB) Burn Rate Explodes 400%+ in 24 Hours but Bears Remain in Control

Table of Contents

CaptainAltcoin

Other articles published on Oct 19, 2023

The 10-year breakeven inflation rate has reached the second-highest level in 2023

Israel finds new ally in crypto amidst conflict

Robert Kiyosaki: Orang Kaya Simpan Bitcoin, Emas dan Perak, Orang Miskin Simpan Dolar AS

Rollbit (RLB) is ‘Unstoppable’ – Whale’s $1M Accumulation Sends Price Up 15%

NOC Stock Forecast: Will (NYSE: NOC) Thrust Upward For New Highs?

Morgan Stanley says crypto winter may be over

Join our free newsletter for daily crypto updates!