The dynamics on the supply of Shiba Inu (Shib) shouts bullish, but the second largest joke cryptocurrency for the market value quoted under pressure.
Earlier this week, Sib’s burning rate increased to more than 112,000%, with more than 116 million currencies transferred to wallets that cannot spend money. In other words, these currencies were permanently taken from the circulation.
The daily burning rate refers to the number of tokens shib destroyed or permanently eliminated from circulation every day. Tokens burns are designed to reduce the supply of cryptocurrency over time, which provides a deflationary call to the digital asset.
“More than 527 billion Tokens Shib approach profitability, while the burning rate exploded 112,839% with 116 million tokens eliminated from the circulation,” AI Insights of Coindesk told.
In addition, the foundations of the Shib ecosystem demonstrated strength, with record growth of the wallet exceeding 1.5 million unique directions and significant increases in the transactions of Sibarium layer 2.
Even so, the memecoin remained locked in a bearish trend at the time of publication, the last time it changed its hands to $ 0.00001190, which represents a 2% drop in the last 24 hours and a decrease of almost 5% for the week.
During the night, the Token faced a strong sales pressure, with a volume greater than the average of 500 billion units, establishing resistance around $ 0.0000122.
Key technical ideas
- The double bottom pattern is forming in the graphics, indicating a possible 20% rally at $ 0.000016.
- The key resistance has been established at $ 0.0000122, backed by volumes higher than the average.
- The narrow negotiation range ($ 0.00001203- $ 0.000012) indicates the consolidation phase.
- The volume peaks at 07:35 and 07: 46-07: 47 coincided with price recovery attempts.
