More Shiba Inu getting burned after massive release for network
The release of a crypto card by the Shiba Inu Foundation is currently the main fuel for the 200% burn rate rally that has caused 144 million SHIB tokens to be burned in the past 24 hours.
As the burn website related to Shiba Inu suggests, the market saw a 65% increase in the rate of coins that are being burned. Previously, the Shib Burn twitter account made an announcement about the upcoming SHIB Burn Visa Card on July 25, which is going to burn a small amount of tokens every time a user makes a payment.
The constant hot events for Shiba Inu remain one of the best and most effective tools to support cryptocurrency in the market, as the supply held by small investors is still at a dangerously high level, preventing the token to regain some of its value in the market. market.
Shiba Inu price performance
In the last few months, SHIB was furiously battling for its place on the market, as it had several good rallies that could have put the token back into the green market zone. Unfortunately, the memetoken was facing enormous selling pressure that immediately sent it back to extremely low values.
For now, SHIB has entered a certain chart pattern that could help us determine when the token will enter a period of high volatility again. The ascending channel on the token’s daily chart shows that the current rally could end at any time due to the lack of trading volume and volatility.
At press time, SHIB is changing hands at $0.00001 and currently consolidating at the lower border of the aforementioned channel.
