- Shiba Inu’s burn rate surged by 2,080% in one week, with over 1.3 billion tokens destroyed.
- More than 1 billion SHIB tokens were burned in a single day, marking a record for the cryptocurrency.
- Large holders, including one responsible for burning over 131 million tokens, contributed to the increase.
- Technical indicators show that SHIB broke above its 50-day moving average, supporting bullish outlooks.
- Analysts highlight possible price targets as SHIB continues to outperform Bitcoin’s recent gains.
Shiba Inu recorded a significant increase in token burns as over 1.3 billion SHIB tokens were destroyed in a seven-day period. The weekly burn rate jumped by 2,080%, drawing attention from traders and analysts to the potential impact on the token’s price.
Data from the SHIB token burn tracker showed over 1 billion tokens burned in a single 24-hour window, the largest single-day burn event for Shiba Inu to date. One analyst noted that this activity occurred as SHIB climbed above its 50-day simple moving average, which was recently at $0.00001242.
Whale activity played a role in the surge, with a single major holder burning more than 131 million tokens. The ShibTorch portal, which automatically burns SHIB using gas fees from the Shibarium network, also contributed to the record burns.
A team member named Lucie pointed out ongoing changes within the project, stating, “More developers, fewer speculators. The culture is shifting from hype to purpose.” Technical analyst Jonathan Carter identified resistance levels that could indicate further gains. Carter stated, “Breaking above this MA could drive the price toward targets at $0.00001500, $0.00001750, $0.00002050, and $0.00002500.”
Shiba Inu has gained 20% so far this month, compared to a 13% rise for Bitcoin in the same period. The combination of increased token burning and stronger technical signals has led to a notable shift in market sentiment among SHIB holders.
Automation tools like the ShibTorch portal, which burns tokens based on network activity, are supporting ongoing deflation in SHIB’s supply. As resistance levels are tested, the community continues to monitor for new price milestones. For additional context, the Shiba Inu ecosystem highlights the growing role of community and developer engagement.
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