The Shiba Inu burn rate has registered an astonishing 108,500% increase over the last 24 hours. This massive spike is due to the destruction of over 184 million SHIB tokens. The data comes from the specialized tracker Shibburn, which reported the event.
The primary catalyst for this surge was a single giant transaction. One singular move removed 179.5 million SHIB from circulation at once, according to records. This type of aggressive burn aims to reduce the total circulating supply. The hope is that a smaller supply can, over time, exert upward pressure on the asset’s price.
Can the massive burn offset low market interest?
However, the memecoin economy faces an interest challenge. Google searches for this type of asset are at one of their lowest levels in history. This indicates almost zero retail interest outside the bubble of current holders. Furthermore, the price of SHIB has fallen 8% this month, and activity on the layer-2 network, Shibarium, has hit new lows.
From a technical perspective, SHIB’s price is showing mixed signals. The asset appears to be gearing up for a move after bouncing off the $0.0000096 demand zone. The Relative Strength Index (RSI) sits at 64, which suggests the momentum remains bullish. If SHIB manages a solid close above $0.0000100, analysts are targeting $0.00001035 and $0.0000112.
On the other hand, if the price fails to hold and falls below the $0.0000096 support, the next level to watch would be $0.0000090. Despite the challenges, the community is clinging to these burns and new partnerships, like the recent one with Unity Nodes, to keep hopes of a recovery alive.
