Shiba Inu Burns Crash 95% as SHIB Price Action Aims to Breach the $0.000020 Mark

Meme coin Shiba Inu has seen a renewed surge in its price over the past 24 hours as it aims to breach the $0.000020 mark.

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Shiba Inu (SHIB) has seen a renewed surge in its price over the past 24 hours, aiming to breach the $0.000020 mark. However, a closer look at on-chain metrics reveals that optimism may not be all-round.

According to data from Shibburn.com, a total of 1.72 million SHIB tokens were burned in the past 24 hours. While this may sound like a substantial amount, it marks a steep 95.22% decrease compared to the volume of SHIB burned in the previous 24-hour period.

This drastic crash in the number of Shiba Inu tokens burned is attributed to low burn activity, as indicated by detailed information from Shibburn.com. As reported by the SHIB burn tracker, only two addresses participated in the burn events during the last day. This contrasts significantly with the typical number of addresses involved in SHIB burns, suggesting a broader slowdown in the community’s burn engagement.

Of the total SHIB burned, the majority was contributed by the wallet “0xa9d1e,” which sent 1,250,000 SHIB to the designated burn address BA-2. Another wallet, “0x2901,” burned an additional 474,747 SHIB to burn address BA-1, bringing the total SHIB burned to 1,724,747 SHIB.

Shiba Inu’s burn statistics serve as some of the best metrics for gauging the sentiment surrounding the meme coin. Periods of bullish sentiment are often highlighted by a surge in activity surrounding SHIB burns, with many traders burning tokens in hopes of boosting the coin’s price. On the other hand, periods of bearish sentiment are highlighted by a low or decline in SHIB burns. As such, this dip in burns could indicate that interest and engagement in SHIB’s burn initiative are cooling off, at least temporarily.

However, the Shiba Inu burn crash doesn’t necessarily spell gloom for the SHIB price. This is because the SHIB price has largely held off positively in the past 24 hours and is currently up by 2.8%.

At the time of writing, the SHIB price is trading at $0.00001913, having reached an intraday high of $0.00001943. This upward trend might provide the momentum needed for SHIB to break decisively above the $0.000020 level over the weekend.

On the flip side, there remains a potential downside risk. Should the momentum falter, SHIB’s price might dip below the $0.000019 mark and approach the support level at $0.0000185.

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