Amidst the current downtrend in the crypto market, Shiba Inu (SHIB), the popular meme coin, has experienced a surge in its token burn rate, catching the attention of crypto enthusiasts worldwide.
The latest data from a blockchain-based SHIB token burn tracker revealed a remarkable 640% increase in the token burn rate within the last 24 hours. The Shiba Inu community burned a total of 15,493,929 SHIB tokens during this period. Over the past week, a staggering 541,922,921 SHIB tokens have been burned, marking a substantial 622% surge in token burning activity.
Despite the positive sentiment surrounding the increased token burn rate, SHIB has encountered a 5% price decline over the past day, currently trading at around $0.0000124. Furthermore, the trading volume has decreased by 37%, indicating reduced participation from traders and investors compared to previous days.
In terms of technical analysis, SHIB has reached a critical support level that has been tested since March 9, 2025, along an ascending trendline. The four-hour chart for SHIB shows a pattern of forming lower highs and lower lows since February 2025. Although the meme coin initially found support at the ascending trendline, it eventually broke down and continued to decline along the same pattern.
If SHIB falls below the $0.00001215 level and closes below it, there is a high likelihood that the price could drop by 10% to reach the $0.0000111 level in the near future. However, if this pattern is disrupted, there is a strong possibility of a price reversal and an upward trajectory for SHIB.
Overall, the increased token burn rate for Shiba Inu is a positive development for the community, signaling a bullish sentiment amidst the current market conditions. Traders and investors will be closely monitoring the price action of SHIB to gauge its future performance and potential price movements.