Shiba

Shiba Inu

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The <a href="https://u.today/shib-burn-major-rise-lands-with-102-million-shib-scorched-in-last-week" rel="noopener noreferrer nofollow">SHIB</a> burn rate has skyrocketed by an astronomical 3,400%, with more than 52 million SHIB tokens being permanently removed from circulation. This aggressive deflationary mechanism has removed a total of 410,708,459,364,680 SHIB from the initial <a href="https://www.shibburn.com/" rel="noopener noreferrer nofollow">supply</a>, signaling a significant shift in the asset's scarcity and potential value.
The implications of such a substantial increase in burn rate are multifold. By reducing the total supply, each remaining SHIB token inherently becomes scarcer and potentially more valuable. This is a classic economic scenario where a decrease in supply, with steady or increasing demand, can lead to an increase in price. <img alt="SHIBUSDT" data-entity-type="file" data-entity-uuid="6041c9a2-eacb-4579-8bae-ab3413e701f0" src="https://u.today/sites/default/files/inline-images/image_489.png"><a href="https://www.tradingview.com/" rel="noopener noreferrer nofollow">SHIB/USDT Chart by TradingView</a>
The recent price analysis of <a href="https://u.today/shib-team-plans-to-burn-bone-and-all-other-top-shibarium-tokens-details" rel="noopener noreferrer nofollow">SHIB</a> shows that it is flirting with a critical resistance level. If we closely observe the token's performance on the charts, the resistance to watch is around the $0.000008 level. A convincing breakout above this level could signal the start of a bullish trend, potentially leading to significant price appreciation.
On the support, SHIB has been finding strong buying interest at the $0.0000073 mark. This support level is crucial as it has historically been a springboard for price reversals. A strong defense of this level could reinforce investor confidence and help sustain upward momentum.
Furthermore, a recent tweet from Shibburn indicated a 160% increase in the burn rate over the past week, with over 102 million <a href="https://u.today/shiba-inu-eyes-huge-breakthrough-at-151-trillion-shib-hurdle" rel="noopener noreferrer nofollow">SHIB</a> sent to irretrievable wallets. This news adds to the narrative that SHIB could be gearing up for a substantial price movement.
As SHIB continues to rally around these burns, the potential for growth in the token's value seems more real. The combination of on-chain token burns and SHIB's supportive community dynamics presents a compelling case for why we might be on the cusp of seeing SHIB's price "explode" to new heights.

Shiba Inu (SHIB) Price About to Explode as This Happens On-Chain

U_Today

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