Shiba Inu price remained in a tight range at a crucial support level as the token’s burn rate gained momentum.
Shiba Inu (SHIB) was trading at $0.00001192 on Tuesday, where it has been for the past few days. This price is about 75% below the highest point in 2024.
The ongoing Shiba Inu crash has left just a handful of holders in profit. According to Santiment, the share of holders in profit has dropped to 20% from a high of 91% a few months ago.
Data compiled by Shiburn shows that the number of SHIB tokens being burned is rising. The daily burn rate rose by 3,206% to over 30.1 million. One user moved 14.5 million tokens to a burn address, while another incinerated 8.3 million coins.
Shiba Inu has some of the strongest fundamentals in the meme coin industry. For one, unlike Dogecoin (DOGE), Pepe (PEPE), and Fartcoin (FARTCOIN), it is the only deflationary coin. Its annual deflation rate has dropped to minus 0.0059%.
SHIB has already incinerated over 410 trillion tokens since its inception, leaving those in circulation at over 584 trillion. This incineration trend will likely continue as the Shibarium network continues its growth.
Shibarium Scan data shows that the number of total addresses in Shibarium has jumped to 197.45 million, a figure that will likely reach 200 million later this month. It has completed over 1.047 billion transactions. Shibarium’s growth is important, as some of its BONE fees are transformed into SHIB and moved to a burn address.
Shiba Inu price technical analysis
The weekly chart shows that the SHIB price has been in a downward trend in the past few months. It has moved from a high of $0.00003335 in November to the current $0.000012.
The current price is important for two reasons. First, it coincides with the ascending trendline that connects the lowest swings since 2021. It has failed to move below this price at least six times since then.
Second, this level is key since it coincided with the lowest swing in August last year, the neckline of the double-top pattern at $0.0000335. Therefore, a drop below this level will point to more downside, potentially to the key support at $0.000005840, the lowest swing in June 2023, which is about 50% below the current level.
