Key Highlights
- 531.09% spike in SHIB burn rate over 24 hours, removing 14 million tokens from circulation.
- No automatic burn mechanism exists in SHIB’s original ERC-20 contract, complicating supply reduction.
- Technical analyst forecasts 400% price rally citing an "Inverse Head & Shoulders" pattern.
SHIB Market Performance
Shiba Inu’s price dropped 9.41% in 24 hours to $0.00001355**, trailing below the critical 20-day EMA of **$0.00001570. This signals short-term bearish pressure, though oversold RSI (31.46) hints at a potential rebound.
Investor Sentiment
- 92.78% of SHIB holders invested less than $1,000.
- Only 39% of wallets are currently profitable.
The Burn Rate Surge Explained
Community-led burns eliminated 13.9 million SHIB tokens recently, totaling 410 trillion SHIB burned historically. However, developers emphasize that modifying the original contract is impossible without ecosystem disruption:
"Implementing automatic burns would require migrating to a new token—a move opposed by the community."
Price Analysis: Bullish Signals
Analyst Javon Marks identifies a bullish "Inverse Head & Shoulders" pattern, targeting a 402% surge to $0.000081. Key levels to watch:
- Support: $0.00001200 (further downside to $0.00001050 if breached).
- Resistance: Reclaiming $0.00001570 (20-day EMA) could propel SHIB toward $0.00001750.
Technical Indicators
- RSI (31.46): Nearing oversold territory; rebound likely if buyers intervene.
- MACD: Bearish divergence persists, with histogram intensity increasing.
FAQs
Q: Why can’t SHIB developers burn tokens from the original contract?
A: The ERC-20 smart contract lacks burn functionality, and Ryoshi’s renouncement prevents modifications without community-approved migration.
Q: What’s driving SHIB’s burn rate surge?
A: Community-led initiatives, though manual, aim to reduce supply and boost scarcity.
Q: Is SHIB’s current price a buying opportunity?
A: While oversold RSI suggests potential upside, confirmatory signals (e.g., EMA breakout) are needed for sustained recovery.
👉 Discover how SHIB’s burn strategy compares to other meme coins
👉 Expert insights on navigating crypto market volatility
Disclaimer: This content is for informational purposes only and not financial advice. Always conduct independent research.
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