SHIB Burns Continue as Supply Remains Massive — Symbolic Effort or Long-Term Pressure?

The ongoing reduction of SHIB tokens has captured attention, yet the overall supply stays enormous. Is this more of a gesture or a strategy to influence market dynamics? This article explores the potential impact of these burns and examines whether they can drive significant changes in SHIB value over time. Discover which coins may be poised for growth.

Shiba Inu Price Flattens, Eyeing Potential Breakout

Source: tradingview 

Shiba Inu (SHIB) is hovering between five and seven millionths of a dollar. Despite recent losses, it's showing signs of strength. The coin is approaching its next resistance level at just over eight millionths. If SHIB breaks through, it could gain around 30%. On the downside, support levels at four and two millionths provide a cushion. The RSI, under 30, suggests the coin is oversold and might rebound. While the MACD is negative, the gap is minor. SHIB's price has dipped over 13% in a week, and over 30% in a month, but with its very low current standing, any breakout could lead to significant gains.

Conclusion

The ongoing burning of SHIB tokens aims to reduce supply and potentially increase value. Despite these efforts, the vast number of coins still available may limit immediate effects. Yet, over time, consistent burns might create long-term value pressure. The impact of these burns on the cryptocurrency market remains to be seen. What is clear is that, though initially more symbolic, these actions could theoretically enhance the desirability and price stability of SHIB.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.