Shiba Inu Burn Rate Surges 320% in 24 Hours

Shiba Inu (SHIB) has seen a significant surge in its burn rate, increasing by 320% in the past 24 hours. This surge has resulted in the removal of over 60 million coins from circulation, according to the Shibburn tracker. While this number is relatively small compared to the total supply of 589 trillion coins, it marks a notable shift in the cryptocurrency's dynamics. This increase in the burn rate coincides with a double-bottom formation near $0.00001030, a technical pattern that some traders believe could ignite a supply-shock rally toward $0.00001765.

This confluence of events has caught the attention of traders and analysts alike. The rising PayFi token, Remittix, which converts crypto to bank cash in minutes, is also gaining traction on the same whale dashboards. This underscores the rapid rotation of capital as narratives in the crypto market shift. After experiencing a 1.5% slide to a weekly low of $0.00001160 during Bitcoin’s macro-led wobble, SHIB has since reclaimed the $0.00001170 pivot and is now targeting the $0.00001200 ceiling.

Momentum trackers are currently favoring the bulls. The 14-day Relative Strength Index (RSI) has edged up to 42.3, indicating early positive divergence. Additionally, on-chain data show that exchange inflows are shrinking, suggesting that short-term sellers are exhausted. Chart watchers are closely monitoring the double-bottom neckline at $0.00001194. A daily close above this level would confirm a W-shaped reversal aimed at $0.00001765, representing roughly 70% upside. Analysts have identified interim resistance levels at $0.00001350 and $0.00001567, which coincide with May’s volume shelves. Failure to break above these levels could re-open support at $0.00001020, the April swing low.

While SHIB speculators are focusing on deflation, high-net-worth wallets are increasingly interested in Remittix (RTX), currently trading at $0.0781. Remittix is an Ethereum-based protocol that bridges crypto to fiat in under ten minutes, offering fees below 1%. This service is particularly beneficial for freelancers in regions with limited banking access, allowing them to convert their crypto earnings into local currency quickly and at a lower cost. With approximately $15.7 million already committed and every transaction burning a sliver of RTX supply, analysts see potential for a significant re-rating if Remittix captures even a small fraction of the $190 trillion payments market.

The path to a supply-shock rally for SHIB hinges on two key metrics: a confirmed breakout above $0.00001194 and a burn rate that remains in triple digits for several sessions. If both conditions are met, the long-anticipated move to $0.00001765 becomes more feasible. However, if either condition is not met, SHIB may continue to trade sideways as capital flows into utility plays like Remittix. For traders, the next 48 hours will be crucial, as the chart movements and the burn rate will provide clearer indications of SHIB's future trajectory.