SHIB holds steady above $0.000008, burn rate spikes 913% in 24 hours

Shiba Inu (SHIB) has held firm above the $0.000008 psychological threshold amid sustained consolidation, with the protocol’s burn rate recently witnessing a massive 913% spike in 24 hours.

SHIB’s current position demonstrates the dull but steady trend within the broader crypto market. Notably, the market has remained in an elaborate consolidation pattern since Nov. 27, due to a lack of pivotal developments surrounding the crypto space.

Before this range-bound price structure, SHIB had recorded a discouraging 8.19% slump on Nov. 21, slipping to a three-week low of $0.00000761. However, the ensuing recovery, buoyed by the broader market, saw Shiba Inu surge to a local high of $0.00000866.

Following the withdrawal of support from Bitcoin (BTC) and the broader crypto market, the bears have aimed to bring Shiba Inu back below the $0.000008 territory. However, the asset has formed a solid defense structure above this level, mounting a support structure at $0.00000805.

This price point has served as Shiba Inu’s last line of defense against a collapse below $0.000008. Should the bears breach this price, a slump below the $0.000008 territory could bring SHIB’s next support at Fib. 0.786 currently stationed at $0.00000789 on the daily timeframe.

On the other hand, the asset’s mission to recover the elusive $0.000009 zone has met fierce opposition. As SHIB currently trades for $0.00000820, the Fibonacci 0.5 level at $0.00000836 has served as its most immediate roadblock. Above this level, the asset still has to overcome $0.00000856 and $0.00000880 to clinch $0.000009.

Shiba Inu burn rate spikes 913%

Meanwhile, the dull price movements have not slowed the progress of the Shiba Inu burn campaign. Interestingly, SHIB has recorded an impressive 913% increase in burn rate, according to a recent disclosure from Shibburn, a community-driven burn tracking tool.

This 913% surge was triggered by burns totaling 82.89 million SHIB tokens over the last 24 hours. Most of these tokens, about 82.86 million, were incinerated in a single transaction involving an unknown wallet address five hours ago. 

Despite the massive spike in daily burn rate, data from Shibburn suggests that the increase in weekly burns has not been as impressive. With a 53% increase, the Shiba Inu protocol has witnessed burns totaling 410.5 million tokens in the past seven days.