Shiba Inu Burn Rate Surges 53,000%, But Price Impact Remains Uncertain

The recent surge in Shiba Inu's burn rate has raised eyebrows, but its impact on the token's price remains uncertain. According to data from Shibburn, the burn rate jumped by over 53,000% in the past 24 hours, removing a significant number of tokens from circulation.

However, when considering the vast circulating supply of SHIB, which stands at over 585 trillion, the actual impact is minimal. The recent burn removed only about 0.00003% of the total supply, equivalent to taking a bucket out of the ocean.

The price of SHIB is currently struggling to hold a key support level and is down about 2.44% on the day, following Bitcoin's weakness and the pressure spreading across altcoins. The chart is not looking strong right now, with sellers still controlling the trend and momentum indicators leaning oversold.