Shiba Inu Records Accelerated Burn Rate, But Price Fails To Respond

Shiba Inu is one of the meme coins that has managed to maintain its popularity in the crypto market as its community remains committed to reducing the circulating supply of the asset. To this end, there has been a significant increase in the SHIB burn rate recorded over the last 24 hours.

Timeline of Shiba-inu

Recent charts suggest that Shiba Inu (SHIB), one of the most popular meme coins, may be forming a hidden variation of the head and shoulders pattern, providing crucial clues about its future price movement.

The Shiba Inu token (SHIB) has recently witnessed a staggering surge in large transactions, resulting in a whopping $8 million increase within a mere 24 hours. According to data provided by IntoTheBlock, the volume of large SHIB transactions doubled on Monday, contributing to a total of $15.72 million.

After yet another day of negative burn rate, the Shiba Inu community has managed to push this metric up again to a high degree. Close to 80 million SHIB meme coins were transferred out of circulation this particular time, and the price of SHIB shows a small rise over the past 24 hours.

Shiba Inu (SHIB) has maintained northbound moves since mid-June, gaining upside stability. The altcoin remained steady, even resisting the selling momentum from the PolyNetwork hack during the weekend. Shiba Inu grows amidst surging popularity The latest updates show the Shibarium ecosystem enjoying substantial growth, with users nearing the 1.5 million mark.

The Shiba Inu community is enthralled with a recent revelation that the memecoin's long awaited hardware wallet is set to be delivered to users who placed early orders in just a matter of weeks. The Latest Shiba Inu Wallet Update The Shiba Inu wallet is the brainchild of the memecoin and Tangem, the next-generation hardware

Shiba Inu, the renowned meme-based cryptocurrency, experienced an astounding 1900% burn rate surge within 24 hours. This remarkable spike came on the heels of the Shibarium testnet, Puppynet, reaching a significant milestone of 25 million total transactions, generating immense excitement and anticipation for the imminent mainnet release.

Twitter's initial endeavor to implement a fee for verifying accounts with blue check marks resulted in a reportedly marked decrease in bots. Nevertheless, the persistent nuisance of fake Twitter accounts remains far from abating.

According to a tweet published by KURO SHIBARMY JPN user, Tangem wallet producer, the partner of Shiba Inu, the first batch of Tangem X SHIB wallets has already been sent by the company to their warehouse in Hong Kong.

Shiba Inu (SHIB) price made multiple unsuccessful attempts at the critical $0.000008 price resistance level last week. Critical on-chain data analysis suggests that SHIB's price could be at risk for a major correction.

Last weekend's recovery in the Shiba Inu price faced supply pressure at a downsloping resistance trendline. Today, with an insignificant gain of 0.1%, the coin price shows a doji-type neutral candle indicating indecision nature among traders.