The post Shiba Inu burn rate hits 612% – Is SHIB’s bearish momentum fading? appeared on BitcoinEthereumNews.com.

SHIB’s burn rate surged by 612%, amounting to over 3.2 million tokens. Memecoin’s bearish pressure faded, with the Long/Short Ratio showing reduced selling momentum. After dipping by over 20% in the last week, Shiba Inu’s [SHIB] bearish momentum has finally started to wane. The memecoin had started approaching a key support level at $0.0000197, which might mark a turning point in deciding its further price action. As history dictates, a strong support level acts like a psychological anchor-on, attracting buyers and arresting declines. Source: TradingView Interestingly, Shiba Inu’s burn rate has surged massively over the last 24 hours, according to Shibburn data. The memecoin’s burn rate has jumped by a massive 612%, amounting to over 3,244,007 SHIB being permanently removed from circulation. While this alone might not immediately spike prices, the reduction in supply adds to SHIB’s demand—a factor that could bolster long-term value if demand rises. Source: Shibburn SHIB selling pressure is waning Complementing this optimism was the prevailing trend of the long/short ratio in SHIB, which leant toward short positions at press time. Bearish sentiment dominated, but the trend was waning, signaling reducing selling pressure. The fade of bearish momentum as the memecoin approaches the key support at $0.0000197 could suggest that the sellers have run out of steam. However, this fading bearish momentum does not guarantee an immediate price recovery. For SHIB to bounce back significantly, the combination of reduced selling pressure, increased token burns and improved demand will need to converge. Source: Coinglass Can burns save Shiba Inu? The soaring burn rate testified to the active fight from the SHIB community against the decline. By removing tokens from circulation, these burns aim to reduce the overall supply and increase scarcity. Read Shiba Inu’s [SHIB] Price Prediction 2025–2026 Despite the increase in the burn rate of 612%…

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Filed under: News - @ January 24, 2025 3:16 am