SHIB Burn Rate Soars 10,786%: Is the Doge’s Day Finally Here? 🚀🐶

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The Shiba Inu burn rate has, quite frankly, gone through the roof—up a staggering 10,786%. Over 9.5 million SHIB tokens have been permanently removed from circulation, according to data from Shibburn. 🌟

The SHIB burn mechanism, a key deflationary strategy, is aimed at reducing the circulating supply in the hopes of driving up demand and, ultimately, the token’s market value. It’s like trying to make a puddle of water smaller by drinking it, but with more math and less thirst. 🧮

Despite the recent spike in burn activity, SHIB has yet to display any significant price movement over the past week. Data from IntoTheBlock reveals that a staggering 88% of SHIB holders are currently “Out of the Money,” meaning they are holding their tokens at a loss. It’s like being in a dog park where most of the dogs are just sitting there, looking at you with a “What’s the point?” expression. 🐶

SHIB price shows uptrend potential

Still, signs of an emerging uptrend may be forming. SHIB’s price action is approaching a critical level that could determine the meme coin’s near-term direction. It’s like the dog is finally wagging its tail, but we’re not sure if it’s because it’s happy or just trying to get your attention. 🤔

After consolidating near multi-month lows, SHIB is targeting a key technical marker, which is the 26-day exponential moving average (EMA), currently hovering around $0.0000118. This level has proven to be a persistent resistance point, with sellers consistently reclaiming control every time the price nears this threshold. It’s like trying to climb a mountain, but the mountain keeps moving. 🏔️

Last week’s surge on June 25 brought a brief period of optimism, but was followed by weak momentum. However, SHIB managed to recover the $0.0000120 zone after rebounding from a local low of around $0.0000110. This move was fueled by growing strength on the Relative Strength Index (RSI), which rose from oversold territory, often seen as a precursor to a bullish reversal. It’s like the dog finally found a bone, but it’s not sure if it’s worth keeping. 🍖

Despite the bullish signals, the 26 EMA remains a crucial battleground. Since early June, SHIB has struggled to break above this level, which currently sits around $0.0000119. Multiple failed attempts highlight the need for a convincing breakout to confirm a trend reversal. It’s like trying to break through a door that’s been reinforced with both duct tape and good intentions. 🚪

While the burn activity injects fresh hope, and technical indicators show signs of recovery, SHIB will need to overcome this resistance decisively to reignite bullish momentum. Traders and holders alike are now watching closely to see if this surge in token burns will finally translate into meaningful price action. It’s like waiting for a bus that’s always 10 minutes late, but you keep checking your watch anyway. 🕒

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2025-07-06 15:18