[CoinDesk, Today] Shiba Inu (SHIB) is currently trading at $0.00001190, despite positive ecosystem developments and significant token burns.
Early this week, the SHIB burn rate surged to over 112,000%, with more than 116 million tokens removed from circulation, a move intended to decrease the supply of the cryptocurrency.
Over 527 trillion SHIB tokens are approaching profitability, while the burn rate exploded 112,839% with 116 million tokens removed from circulation, according to CoinDesk's AI insights.
The memecoin experienced a 2% drop in the last 24 hours and a nearly 5% decline for the week.
Overnight, the token faced strong selling pressure, with above-average volume exceeding 500 billion units, establishing resistance around $0.0000122.
SHIB's ecosystem fundamentals demonstrated strength, with record wallet growth exceeding 1.5 million unique addresses and significant increases in Shibarium layer-2 transactions.