Shiba Inu Price Plunges Amid 873% Burn Rate Spike

The Shiba Inu cryptocurrency is currently trading at around $0.00000501, down 2.3% over the last 24 hours. Despite its low unit price, SHIB has maintained a spot among the top cryptocurrencies by market cap for years.

The token's burn rate recently spiked 873%, with 20.82 million SHIB tokens destroyed in a single day. This event is drawing attention from traders and investors, who are weighing the impact of this move on the coin's price.

The Shiba Inu price chart shows the token currently sitting inside an ascending channel, testing the FVG zone left behind by an earlier sharp rally. If buyers step in with real volume and manage to clear the channel's upper boundary, the price could head towards the $0.00000623 resistance.