Shiba Inu’s (SHIB) Price Rises Despite a Drop in Token Burns

The Shiba Inu (SHIB) burn tracking platform Shibburn revealed that the number of SHIB tokens burned over the last week and the last 24 hours has dropped. According to the post, 26,567,612 SHIB was burnt in the past 24 hours, which was a 59.12% drop compared to the previous day.

HOURLY SHIB UPDATE$SHIB Price: $0.00000693 (1hr 0.23% ▲ | 24hr 1.88% ▲ )
Market Cap: $4,082,500,553 (1.73% ▲)
Total Supply: 589,338,753,996,790

TOKENS BURNT
Past 24Hrs: 26,567,612 (-59.12% ▼)
Past 7 Days: 254,514,209 (-26.76% ▼)

— Shibburn (@shibburn) October 20, 2023

Similarly, the amount of tokens burnt over the past week experienced a 26.76% drop compared to the week before. According to the post, only 254,514,209 SHIB tokens were sent to burn addresses throughout the past 7 days. As a result of the latest token burns, the total supply for SHIB currently stands at 589,338,753,996,790, revealed Shibburn.

Meanwhile, CoinMarketCap data indicated that the meme coin’s price printed a gain during the past day of trading. At press time, the cryptocurrency market tracking website showed that SHIB was changing hands at $0.000006974. This was after the altcoin’s price rose 1.07% over the past 24 hours.

This latest price increase was also enough to bring SHIB’s weekly performance out of the red zone. CoinMarketCap data indicated that the meme coin’s price was up 0.41% over the past 7 days as well.

Daily chart for SHIB/USDT (Source: TradingView)

SHIB was attempting to break above the $0.00000700 resistance level at press time. Should the meme coin close today’s daily candle above this threshold, then SHIB may continue to climb in the following few days. As a result, the cryptocurrency’s price could have the buy support needed to flip the $0.00000755 resistance level into support as well.

Breaking above the $0.00000755 mark will clear a path for SHIB to rise to as high as $0.00000847 through the course of the following week. This bullish thesis could be invalidated if SHIB fails to close a daily candle above $0.00000700 within the following 48 hours. In this bearish scenario, SHIB may be at risk of dropping to $0.00000633.

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