TLDR
Shiba Inu’s burn rate surged dramatically by over 1000%, with more than 6 million tokens permanently removed from circulation in a single day
The introduction of ShibOS, a blockchain-based operating system, marks a major development for the SHIB ecosystem
The token is currently trading around $0.00002028, showing signs of consolidation after recent turbulent price action
Key support level identified at $0.0000197, with reducing selling pressure indicated by Long/Short ratio data
Total burned tokens exceeded 3.2 million in a separate 612% burn rate spike, demonstrating sustained community commitment to reducing supply
The Shiba Inu (SHIB) ecosystem witnessed a remarkable surge in its token burn rate, reaching an increase of 1041% on January 24, 2025, according to data from the official burn tracker Shibburn. This explosive growth resulted in over 6.7 million SHIB tokens being permanently removed from the circulating supply.
Token burning, a process where cryptocurrencies are sent to a null address and removed forever from circulation, has been a key strategy in the SHIB community’s efforts to reduce the total supply of tokens. These burns typically aim to create upward pressure on the token’s price by decreasing the available supply while demand remains constant.
The latest burn event comes at a time when SHIB is trading at $0.00002028, with a 24-hour trading range between $0.00001954 and $0.00002047. The price has shown a modest increase of just over 1% during this period, reflecting the market’s initial response to the burn event.
HOURLY SHIB UPDATE$SHIB Price: $0.00002045 (1hr -0.88% ▼ | 24hr -3.03% ▼ )
Market Cap: $12,058,600,807 (-3.01% ▼)
Total Supply: 589,256,855,981,115
TOKENS BURNT
Past 24Hrs: 6,712,094 (1041.43% ▲)
Past 7 Days: 44,925,619 (-48.31% ▼)
— Shibburn (@shibburn) January 24, 2025
The broader market context shows SHIB maintaining a period of sideways trading activity, suggesting a consolidation phase. This pattern has emerged as traders and investors closely monitor the token’s performance around the crucial $0.00002 price level, which market observers identify as a key resistance point.
In a separate but related development, data from earlier burn events showed another spike of 612%, resulting in an additional 3.2 million tokens being removed from circulation. These consecutive burning events demonstrate the community’s sustained commitment to reducing the token supply.
Shiba Inu Price on CoinGecko
The SHIB community has also marked a major milestone with the introduction of ShibOS, a blockchain-based operating system designed to bridge the gap between Web2 and Web3 technologies. This development represents a substantial expansion of the ecosystem’s technological capabilities.
Market data indicates that SHIB’s bearish momentum has begun to fade as it approaches a support level at $0.0000197. This price point has attracted attention from traders as a potential zone for renewed buying interest.
The Long/Short ratio for SHIB shows a decrease in selling pressure, suggesting that bearish sentiment may be losing strength. However, this metric alone does not guarantee an immediate price recovery, as multiple factors influence token valuation.
Trading volume patterns reveal highly turbulent intraday action, with price swings reflecting the market’s reaction to both the burn events and broader cryptocurrency market conditions.
The burn tracker’s data shows these events occurring through multiple transactions, indicating participation from various members of the SHIB community rather than a single large holder.
Technical analysis of SHIB’s price action suggests that maintaining support above the $0.00002 level remains crucial for potential upward movement. This price point has emerged as a psychological barrier for traders.
The token’s daily trading patterns show increased volatility during the burn events, with market participants adjusting their positions in response to the supply reduction news.
Recent market data indicates that while short positions still dominate, their prevalence is decreasing, potentially setting the stage for a shift in market sentiment.
The combination of sustained burning activity and ecosystem development through ShibOS has created a notable backdrop for SHIB’s market performance.
The latest price data as of January 24, 2025, shows SHIB maintaining its position above $0.00002, with ongoing market activity centered around this price level.
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