Shiba Inu’s burn rate skyrocketed by 1000% on Friday, with over 6 million SHIB tokens permanently removed from circulation.
This significant reduction in supply has sparked optimism among traders and investors, who anticipate a potential bullish impact on SHIB’s price.
Key Highlights
Burn Rate Surge: Over 6.7 million SHIB tokens were burned, reducing the circulating supply and potentially driving price gains.
Community Developments: The introduction of ShibOS, a blockchain-based operating system, has added to the bullish sentiment.
Price Action: SHIB is trading at $0.00002028, up 1% intraday, but remains in a consolidation phase.
Market Outlook
For SHIB to embark on a bullish trend, it must break the key resistance level at $0.00002.
However, the coin is currently trading below the 50-EMA, indicating a bearish trend. A drop below the 200-SMA at $0.00001925 could lead to a decline toward $0.000018.
The combination of a soaring burn rate and innovative community developments like ShibOS has injected optimism into SHIB’s long-term prospects.
However, traders should monitor key resistance and support levels to gauge the meme coin’s next move.
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