Shiba Inu Eyes $0.00000859 as Next Resistance, But Declining Burn Rate Casts Shadow

Shiba Inu's price action is setting its sights on a critical technical barrier. The memecoin is gearing up for a test of the $0.00000859 resistance level, a move that could define its near-term trajectory.

The Burn Rate Conundrum

Beneath the surface of this potential breakout, however, lies a concerning trend. The network's token burn rate—a mechanism designed to create scarcity by permanently removing SHIB from circulation—is on a downward slide. This decline chips away at a fundamental bullish narrative for the asset, raising questions about sustained upward pressure without consistent supply reduction. It's the classic crypto dilemma: all momentum, no mechanics—like a sports car revving in neutral.

Market Mechanics at Play

Reaching and holding above $0.00000859 requires more than just trader enthusiasm. It demands a confluence of buying volume and supportive on-chain activity. With the burn engine sputtering, the asset leans heavier on pure market sentiment and external crypto tides to fuel its climb. Every dip in the burn metric is a silent counter-argument to the 'deflationary asset' thesis, a reminder that in this market, sometimes the hype burns brighter than the tokens do.

The path forward is a technical tightrope. A decisive break above resistance could open the door for further gains, but the fading burn rate acts as a persistent headwind, ensuring that for Shiba Inu, the only thing harder than reaching new prices might be justifying them.

Shiba Inu shows resilience with modest gains, but its burn rate has dropped by 90%, affecting supply and long-term price action. shiba inu (SHIB) is showing resilience despite the slow price recovery in the broader crypto market, currently sitting at $0.000007465.

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