Since burn rate is a key metric for Shiba Inu (SHIB), the second-largest meme coin continues to make airwaves with 1.31 billion tokens recently being removed from circulation.
The Shiba Inu community, commonly called the SHIB Army, has been a major driving force behind heightened burn rates.
For instance, various third-party platforms and community-run projects, such as burn portals, ShibaSwap, and Shibburn, have been rewarding or automating token burns.
Furthermore, SHIB ecosystem developers, such as Shytoshi Kusama, have been actively supporting and promoting burns by posting major milestones on X, formerly Twitter.
Given that burning tokens usually triggers scarcity due to slashed circulating supply, this is bullish if demand increases or remains the same.
Shiba Inu recently made a major milestone after more than 410.74 trillion SHIB tokens were permanently burned, representing 41% of its total supply.
What’s in Store for SHIB?
Paschal btc believes that Shiba Inu is flashing bullish signals with a move to $0.000025 being on the horizon.
The crypto enthusiast added, “We’re seeing a descending wedge, RSI strength, and a double-bottom near $0.00001025. There’s real momentum building, but it’s still heavily driven by community hype.”
A double-bottom pattern usually signals a potential trend reversal from a downtrend to an uptrend.
In technical analysis, this chart formation suggests the end of selling pressure, which plays an instrumental role in igniting upward momentum.
Therefore, time will tell how Shiba Inu plays out in the short term as the 19th-largest cryptocurrency based on market capitalization hovers around the $0.00001138 zone.
