Shiba Inu’s (Shib) Delivery Page Dynamics Screaming Bullish, yet the second largest joke cryptocurrency at market value faithfully under pressure.
Early this week, Shib’s combustion rate rose to over 112,000%, with more than 116 million coins transferred to wallets that can’t spend money. In other words, these coins were permanently taken out of circulation.
The daily combustion rate refers to the number of Shib -tokens that were permanently destroyed or removed from circulation every day. Token Burns is designed to reduce the supply of cryptocurrency over time, bringing a deflationary appeal to the digital asset.
“Over 527 trillion Shib -tookens approach the profitability while the combustion rate exploded 112,839% with 116 million tokens removed from circulation,” Coindesk’s AI insight noted.
Furthermore, Shib’s ecosystem fundamental’s strength, with record growth of over 1.5 million unique addresses and significant increases in Shibarium Layer-2 transactions.
Still, Memecoin remained locked in a downward trend at the time of press, last changing hands of $ 0.00001190, representing a 2% decrease over the last 24 hours and an almost 5% fall of the week.
Over the night, the token faced a strong sales pressure, with volume above average over 500 billion units, establishing resistance around $ 0.0000122.
Key technical insights
- The double bottom pattern is formed on charts, signaling a potential 20% rally to $ 0.000016.
- Key resistance has been established at $ 0.0000122, supported by quantities above average.
- The narrow trade range ($ 0.00001203- $ 0.000012) indicates the consolidation phase.
- Volume spikes at. 07:35 and 07: 46-07: 47 coincided with price engraving attempts.
