Shiba Inu has recorded a 2,700% surge in its burn rate, but the price is waiting to catch up.
By Parth Dubey
Editor Julia Sakovich
Updated
3 mins read
One of the top meme coins, Shiba Inu SHIB $0.000014 24h volatility: 4.6% Market cap: $8.26 B Vol. 24h: $274.38 M , has recorded a major surge in its burn rate, sparking speculation of a price rally. According to the data provided by Shibburn, burn rate has jumped by 2,740% in the past day, permanently removing 6.3 million tokens from circulation.
In total, over 410.75 trillion SHIB have been burned from the original supply. However, the meme coin’s circulating supply remains high at around 584.5 trillion, keeping inflation pressures present.
Despite the aggressive burn, SHIB’s price trades flat around $0.00001367, reflecting broader market hesitance. Historically, SHIB has seen explosive moves following major burns, keeping traders alert for potential rallies.
In the past week, SHIB has lost 8% in valuation, shedding over $700 million in market cap. However, whales have purchased around $64 million during the dip amid hopes for a strong rebound.
On the weekly chart, SHIB has formed a descending wedge pattern since December 2024, indicating waning bearish momentum as the price action tightened. In June, the meme coin bounced from a strong support region around $0.000010, signaling a possible trend reversal.
SHIB weekly chart with descending wedge pattern | Source: TradingView
Last week, SHIB broke out of the wedge, and the current price action shows it retesting the wedge’s upper boundary as support. If this level holds, it could confirm a new bullish phase for SHIB, which has underperformed compared to the broader crypto market this year.
Traders are now watching $0.0000160 as the next resistance, and a breakout above this could lead the token toward $0.0000330.
Meanwhile, on the daily chart, SHIB is hugging Bollinger Bands’ middle band (20-day SMA), with the upper band near $0.00001601 acting as the immediate major resistance.
SHIB daily chart with RSI and Bollinger Bands | Source: TradingView
The RSI is indicating neutral momentum but leaning bullish if it reclaims 60. A move above $0.00001450–$0.00001500 (local resistance) could trigger a breakout toward $0.0000160 and beyond.
However, if sellers take charge, a drop below $0.00001200 support could happen, opening downside risk toward $0.00001050.
While SHIB sets eyes for a rebound, interest is increasingly turning to Snorter Bot (SNORT), a Telegram-based crypto trading assistant that blends meme coin excitement with practical on-chain trading capabilities.
Built to simplify DeFi trading, Snorter Bot enables users to discover, snipe, and manage tokens directly within Telegram.
The bot’s initial launch is focused on the Solana network due to its fast speeds and minimal fees, with future plans to add support for Ethereum, BNB Chain, and other EVM-compatible blockchains.
The $SNORT token unlocks premium features within the bot, providing complete access to advanced tools. With a fixed total supply of 500 million tokens, Snorter aims to make high-speed DeFi trading accessible for the meme coin community.
What sets Snorter apart is its emphasis on efficiency and ease of use. Users can set up or import wallets in a single tap, execute protected swaps instantly, and utilize advanced tools without dealing with complicated dashboards.
Snorter’s Solana-based routing system enables near-instant trade execution, offers protection against front-running, and includes live transaction simulations via a private mempool, giving everyday traders execution quality typically reserved for advanced participants.
Presale Details:
Snorter Bot is positioning itself as one of the most efficient crypto trading bots currently in development.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.