Shiba Inu Coin (SHIB) holders have stepped up their efforts to make the coin more scarce by burning more of them. This comes at a time when the cryptocurrency market as a whole is down.
The meme-inspired cryptocurrency, which is known for its Shiba Inu dog mascot, has seen a rise in the rate at which tokens are burned, which goes against what the market is thinking.
The rate of token burn has sped up by a remarkable 489.87% in the past day, wiping out an extraordinary 19,345,086 SHIB tokens. According to the Shibburn X platform, there has been a rise in burning activity. This comes at a time when prices for SHIB have been fluctuating. Recently, rates dropped significantly.
Shiba Inu’s Burning Strategy Amid Market Struggles
The significant increase in burning indicates a strategic move by the SHIB community to enhance the token’s rarity and potentially mitigate price instabilities. By reducing the circulating supply of SHIB, enthusiasts aim to create a more stable economic environment for the cryptocurrency amidst ongoing market uncertainties.
SHIB is having a hard time in the market, which may explain the current rise in burning activities. The value of the coin has dropped a lot, breaking through important support levels and bouncing around between $0.0000191 and $0.000028 over the past week.
This downward trend, which includes joke coins like Dogecoin, WIF, and PepeCoin, is part of a larger market pullback and investor caution ahead of the Bitcoin halving event that is coming up soon.Even though the market is generally negative, SHIB is coming up against a key resistance level at $0.000023.
If the cryptocurrency is able to break through this barrier, it might go up to $0.00003, which would set it on a path to the rare $0.001 level. But if Shiba Inu can’t keep up its pace, it could find support at $0.000022. If selling pressure gets stronger, it could even fall to $0.00002.
This shows that the SHIB market is likely to stay stable. Right now, the Relative Strength Index (RSI) is 38.49, which means it is not strong or weak and could go either way. We can see that the direction is somewhat strong since the Average Directional Index (ADX) is at 25.84. However, the market is still changing.
