Coinbase Burns Fuel Shiba Inu Price Volatility Amid Rising Wedge Formation

Shiba Inu's (SHIB) price is caught between a rising wedge formation on its daily chart and a surge in token burns led by Coinbase.

Crypto analyst Crypto With Gopal noted that SHIB is trading near the upper boundary of the rising wedge, which could resolve lower if support gives way.

The potential breakdown target for SHIB is around $0.0000027, representing a significant retracement from current prices.

However, Coinbase has been burning SHIB at an impressive rate, with over 143 million tokens burned in the past 30 days and a daily burn rate of 154%.

The weekly picture is mixed, but the total burns reached about 86.75 million SHIB over seven days.