Shiba Inu Burn Rate Crashes 91%, But Will it Matter?
Shiba Inu's daily burn rate plummeted 91.31% on September 28, dropping to around 338,050 tokens from nearly 3.9 million. This collapse in token burns comes as SHIB pulled back from resistance near $0.0000060, $0.0000062 and closed at around $0.00000566 after reaching an intraday high of $0.00000598.
The token is now hovering near short-term support at ~$0.0000056, with the 200-day moving average located at approximately $0.0000058. Analysts warn that if SHIB breaks below $0.0000055, it could fall to a range of $0.0000051, $0.0000052.
However, experts caution that token burns may have limited impact on price due to the massive circulating supply of hundreds of trillions of tokens. This means that daily burns involving millions of SHIB represent only a tiny fraction of total supply.