As the total number of coins burned gets closer to the symbolic 410 trillion milestone, Shiba Inu is once again raising questions about the supply squeeze potential it has. Although this number may initially appear, the context is crucial, particularly for traders who may interpret it as a bullish trigger. The most recent tokenomics data indicates that between burn mechanism inception and 2023, more than 410 trillion SHIB were taken out of circulation - mostly as a result of extensive burn initiatives.
High-profile incidents like Vitalik Buterin's notorious SHIB burn in the middle of 2021 and community-driven movements both served as catalysts for these early burns. However, the rate of the fire has slowed significantly since then, with the last 1-2 years seeing essentially no burn activity. The burn tracker currently indicates that 409 trillion SHIB have been burned, but the impact on price action has been negligible despite the impending 410 trillion threshold.
SHIB/USDT Chart by TradingView
The market has already factored in previous burns, so SHIB's deflationary narrative is unlikely to change sentiment unless there is a notable increase in the rate of burning. Following its inability to maintain momentum above $0.000016, SHIB is making an effort to stabilize around the $0.000015 level on the price chart.
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Recent rallies have been capped by the 200 EMA, which also serves as resistance confirming the narrow range that SHIB is currently locked in. Whether SHIB is able to maintain above support levels at $0.0000142-$0.0000145 will determine the short-term outlook. After a steep drop last week, volume has somewhat recovered, but it is still below expectations for the year.
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Instead of signaling an impending breakout, the RSI points to consolidation, indicating a neutral trend that is neither oversold or overbought. Although it is a significant turning point in Shiba Inu's larger deflationary plan, the approaching 410 trillion burn mark is mainly ceremonial at this point.
Short-term price changes for SHIB are unlikely to occur unless there is a resurgence of investor interest and burning momentum. Action, not just historical accomplishment, is what the market wants.
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