SHIB Burn Rate Soars 1,822% Amid Price Drop—Will Support Hold for Shiba Inu Token?
Shiba Inu (SHIBUSDT) experienced a 2.49% price decrease over the last 24 hours, trading at $0.00000862 according to Binance data. The drop in price is primarily attributed to ongoing market volatility, increased speculation, and macro pressure, as indicated by SHIB's position below its major moving averages. Additional factors include heightened community activity following a 1,822% surge in SHIB burn rate and efforts by the Shibarium team to address a recent security incident. Despite this, overall market sentiment remains cautious, with technical indicators suggesting SHIBUSDT is nearing a long-term support zone. The current market capitalization is approximately $5.15 billion, with a circulating supply of 589 trillion SHIB, and 24-hour trading volume fluctuating between $118 million and $245 million.