Shiba Inu ($SHIB) Burn Rate Jump Over 150% as SHIBArmy Grows

The rate at which tokens of the meme-inspired cryptocurrency Shiba Inu ($SHIB) are being burned has surged by over 150% to reach 5.1 million SHIB in just 24 hours, at a time in which the number of users in the SHIBArmy has kept on growing.

Timeline of Shiba-inu

Shiba Inu's [SHIB] weak market could give sellers leverage to push the price lower. At the time of publication, the meme coin was trading at $0.00000888, down 2% in the past 24 hours.

Shiba Inu (SHIB) price tumbled over 3% in the last 24 hours, with the current price trading at $0.000008894. On-chain data indicates a big whale dumped over 210 billion SHIB tokens, causing the price to fall over 3% in the last 24 hours.

Shiba Inu News: Shiba Inu (SHIB), the second largest meme cryptocurrency is trading under immense selling pressure due to increased volatility in the crypto market. However, the SHIB price might see a drop ahead as a crypto whale is seeking a price surge ahead for a possible dump.

Shiba Inu price has snapped out of a short-term bullish stint that saw it tag $0.00000935. The second-largest meme coin regained the ground after revisiting support established at $0.00000840.

Shiba Inu Coin News: Shiba Inu (SHIB), the second-largest meme cryptocurrency in the world has almost half of its supply remaining and is rapidly running out. Shiba Inu's market position should improve as a result of the supply of tokens steadily declining and becoming less readily available for purchase.

SHIB, the dog meme coin-inspired ERC-20 token at the heart of the Shiba Inu crypto ecosystem, was last changing hands roughly flat on Wednesday in the $0.00000915 area,  close to its 21-Day Moving Average at $0.00000919. The cryptocurrency's subdued tone comes despite trading volumes hitting $130 million in the past 24 hours, as per CoinGecko, and is in fitting with the broader feel to crypto market trade on Wednesday, with many traders keeping their powder dry ahead of the release of the Fed's latest interest rate decision at 1900GMT/1400EST.

The Shiba Inu price has been stuck in a consolidation phase for the past three weeks. Despite multiple attempts to break this range in a volatile market, it indicates indecisiveness among market participants.

Shiba Inu (SHIB) still commands a good amount of crypto investors' attention despite losing so much of its value over the last year. This is evidenced by the continuous rise in the number of addresses that are holding the meme coin.

Shiba Inu (CRYPTO: SHIB) was seeing some high volatility during Tuesday's 24-hour trading session, showing comparative weakness to Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) to trade in tandem with Dogecoin (CRYTO: DOGE). On Tuesday morning, the U.S. Labor Department printed consumer price index data for the month of November that came in under expectations and showed inflation is slowing.

Shiba Inu rode on a bullish wave initiated on the general cryptocurrency market as it printed six green hourly candles at a stretch. The price run is more visible on the four-hour chart, where SHIB printed two massive green candles.