Shiba Inu Token Faces Pressure at Critical Support Level
Shiba Inu (SHIB) is hovering near a key support level. The token’s price is currently at $0.00001192, a significant drop from its 2024 peak. This price point is crucial as it has acted as a strong barrier against further declines multiple times since 2021.
Despite the price dip, the burn rate of SHIB tokens is accelerating. According to Shiburn,the daily burn rate has surged by 3,206%,reaching over 30.1 million tokens. Two major transactions contributed to this surge.One user burned 14.5 million tokens, while another destroyed 8.3 million. This burn mechanism is unique to SHIB, setting it apart from other meme coins like Dogecoin and Pepe. The burn process helps reduce the supply, potentially boosting value. The burn rate’s rise could signal a bullish trend for the coin.
However, the market sentiment isn’t entirely positive.
