Shiba

Burn

Dogecoin

Resistance

Shiba Inu

Shiba Inu has seen a massive surge in its burn rate metrics, solidifying its deflationary status. According to data from Shibburn, the <a href="https://coingape.com/shiba-inu-coin-shib-burn-shoots-4000-signals-price-recovery-ahead/">Shiba Inu burn rate</a> has increased by 25,035.22% within the last 24 hours. 
<h2 id="strong-shiba-inu-extends-incinerated-tokens-strong">Shiba Inu Extends Incinerated Tokens</h2> 
Amidst the recent crypto bloodbath and price correction that the broader industry is facing, Shiba Inu appears to be defying the odds in this key deflationary metric.&nbsp; 
The Ethereum-based memecoin has gained investors’ attention, an optimistic move that is reflected in its burn rate. The meteoric rise of over 25,000% suggests investors may find a key catalyst to hang on to.&nbsp; 
Markedly, a total of 658,082,956 SHIB were destroyed in the past 24 hours in eleven transactions. In terms of monetary value, the burnt SHIB token amounted to $14,385, according to the current market value of the token. This brings the number of the total SHIB burnt from the initial supply to 410,725,555,674,170.&nbsp; 
<figure id="attachment_191474" aria-describedby="caption-attachment-191474" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-191474 size-full" src="https://coingape.com/wp-content/uploads/2024/04/SHIB-04-14.jpg" alt="" width="889" height="667" srcset="https://coingape.com/wp-content/uploads/2024/04/SHIB-04-14.jpg 889w, https://coingape.com/wp-content/uploads/2024/04/SHIB-04-14-300x225.jpg 300w, https://coingape.com/wp-content/uploads/2024/04/SHIB-04-14-768x576.jpg 768w, https://coingape.com/wp-content/uploads/2024/04/SHIB-04-14-678x509.jpg 678w, https://coingape.com/wp-content/uploads/2024/04/SHIB-04-14-326x245.jpg 326w, https://coingape.com/wp-content/uploads/2024/04/SHIB-04-14-80x60.jpg 80w, https://coingape.com/wp-content/uploads/2024/04/SHIB-04-14-150x113.jpg 150w" sizes="(max-width: 889px) 100vw, 889px">
 <figcaption id="caption-attachment-191474" class="wp-caption-text">
 Shiba Inu Burn Rate. Source: Shibburn.com
 </figcaption>
</figure> 
Notably, the recently burnt SHIB is still a small percentage of the token’s total supply which was initially a quadrillion. At the same time, it is one of the largest that the protocol has seen in the last few weeks. There is a significant increase in the amount of <a href="https://coingape.com/shiba-inu-nears-0-00003-shib-burn-skyrockets-1300-what-next/">SHIB burnt compared to other times</a> because a whopping 650 million SHIB was sent to dead wallets in a single enormous burn.&nbsp; 
<h2 id="strong-shib-slumps-by-11-resistance-point-named-strong">SHIB Slumps By 11%, Resistance Point Named</h2> 
The price of the <a href="https://coingape.com/shiba-inu-team-ditches-concern-shib-price-fall-here-why/">SHIB token</a> has plunged by about 11.77% leaving it at $0.0000217. The token is probably reflecting the broad crypto market crash.&nbsp; 
SHIB market capitalization is also at $12.7 billion, down by 12% while its daily trading volume hit $1.9 million. The dip in the price of the dog-themed memecoin suggests that the burn rate has not had any positive impact on the token yet, a trend many in the community are hopeful will change soon.&nbsp; 
Shiba Inu is now struggling with holding a 51 trillion SHIB resistance range, and this lies between $0.000022 and $0.000025. Successfully reclaiming this range will position the self-acclaimed Dogecoin (DOGE) killer’s resistance in the $0.000025 to $0.000030 range. If this is not the case, that is, if it loses the range, SHIB might head to a support level of $0.000019 to $0.000022. 
The post <a href="https://coingape.com/shiba-inu-shib-burn-rate-skyrockets-18000-price-to-soar/">Shiba Inu (SHIB) Burn Rate Skyrockets 18,000%, Price To Soar?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Shiba Inu (SHIB) Burn Rate Skyrockets 18,000%, Price To Soar?

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