- SHIB’s burn rate surged by 612%, amounting to over 3.2 million tokens.
- Memecoin’s bearish pressure faded, with the Long/Short Ratio showing reduced selling momentum.
After dipping by over 20% in the last week, Shiba Inu’s [SHIB] bearish momentum has finally started to wane.
The memecoin had started approaching a key support level at $0.0000197, which might mark a turning point in deciding its further price action.
As history dictates, a strong support level acts like a psychological anchor-on, attracting buyers and arresting declines.
Interestingly, Shiba Inu’s burn rate has surged massively over the last 24 hours, according to Shibburn data.
The memecoin’s burn rate has jumped by a massive 612%, amounting to over 3,244,007 SHIB being permanently removed from circulation.
While this alone might not immediately spike prices, the reduction in supply adds to SHIB’s demand—a factor that could bolster long-term value if demand rises.
Go to Source to See Full Article
Author: Kelvin Murithi
