Shiba Inu's (SHIB) daily burn rate surged more than 17,000%, yet its price actually declined. CoinGape reported that as Shiba Inu is currently holding a key support level, whether it can break above $0.000006 could determine its future price direction.

Daily Burn Rate Spikes 17,134.60%... Price Falls 2.30%

According to overseas crypto media outlet CoinGape, citing Shibburn data from October 3 (local time), Shiba Inu's 24-hour burn rate surged 17,134.60%. Over the same period, Shiba Inu's price dropped 2.30% to $0.00000572, while its market capitalization was tallied at approximately $3.37 billion, down 2.34%.

According to CoinGape, the broader cryptocurrency market also declined over the past 24 hours. Bitcoin remained below $85,000, while Ethereum and XRP showed minor corrections without notable price movements during the trading period.

2,976,589 Tokens Burned in a Day... Largest Burn from Address Labeled 'Coinbase'

Despite the price decline, the burn volume increased significantly. According to CoinGape citing Shibburn data, a total of 2,976,589 Shiba Inu tokens were burned during the period, with an estimated value of about $17.

According to CoinGape, the largest burn came from an address labeled by Shibburn as Coinbase, where 2,622,378 Shiba Inu tokens were burned. An address labeled Robinhood burned 179,289 tokens, and a separate wallet burned 174,923 tokens. According to Shibburn's transaction records, these transfers took place between October 2 and 3 (local time).

102.76 Million Burned in a Week, 421.86 Million in 30 Days

The burn scale is substantial on a longer-term basis as well. According to CoinGape, based on Shibburn data, 102,767,542 Shiba Inu tokens were burned over the past week and 421,865,854 over the past 30 days. Shibburn valued these at approximately $599 and $2,300, respectively.

According to CoinGape, the all-time Shiba Inu burn volume tallied by Shibburn stands at 410,844,457,261,735 tokens. This accounts for 41.08% of the initial supply of one quadrillion tokens, leaving 58.92% remaining. The total number of all-time burn transactions recorded by Shibburn is 21,882.

On October 3 (local time), Shibburn stated via X that 174,923 Shiba Inu tokens were burned in a single transaction over the past hour. According to Shibburn data cited by CoinGape, Shiba Inu's total supply is approximately 589.16 trillion tokens, of which about 585.47 trillion are in circulation.

Daily Trading Volume of $72.75 Million... Ranked 35th by Market Capitalization

CoinGape reported that Shiba Inu's daily trading volume increased to $72.75 million, and it ranked 35th in cryptocurrency market capitalization.

'Holding the $0.00000550 Support Is Key'... RSI at 49, Neutral Zone

In terms of price action, $0.00000550 has been identified as the key support level. According to CoinGape, Shiba Inu traded at around $0.00000574 on October 3 (local time), rising 0.35% in the most recent four-hour candle. CoinGape said Shiba Inu's price is holding above the $0.00000550 support. Previously, Shiba Inu tested $0.00000620 before being pushed back, and in the subsequent rebound it failed to rise above $0.00000600.

Technical indicators also did not show a clear bullish trend. According to CoinGape, the Relative Strength Index (RSI) stood at 49, which is generally near neutral but indicates a slightly bearish tone. The MACD line remained below the signal line, with both lines staying below zero. CoinGape noted the appearance of small negative histogram bars, saying a downward trend remains but its strength is not significant.

Regarding the future price, CoinGape projected that if Shiba Inu holds its current support level, it could retest $0.000006. It forecast that if the four-hour candle closes firmly above that price, $0.00000620 could emerge as the next target price. Conversely, CoinGape said that if the four-hour candle closes below $0.00000550, the rebound momentum could weaken, and there is a possibility of a decline toward the $0.000005 area, a previous support zone.

[This article is by no means an investment recommendation. The content may merely reflect opinions, so please do not use it as a reference or material for investment decisions. All investments are made at the discretion of each individual, and the final responsibility lies with the investor. This publication assumes no responsibility whatsoever.]