SHIB Price Stays Under Pressure Despite 83M Token Burn
- The 83M SHIB burn remains too small to create an immediate supply shock.
- SHIB must hold $0.00000446 to maintain prospects for recovery toward $0.000005.
- Losing support could expose SHIB to downside near $0.00000410.
Shiba Inu investors just watched another major burn fail to spark price action. Around 83 million SHIB tokens recently left circulation. Yet, SHIB remains near $0.0000046 with sellers still controlling key levels. The result highlights a problem facing many meme coins today. Burns can reduce supply, but demand ultimately drives short-term price movements. SHIB now needs stronger buying pressure before bulls can regain control.
Why the 83M SHIB Burn Failed to Lift Price
The 83 million SHIB burn sounds significant at first glance. However, Shiba Inu still has more than 585 trillion tokens circulating. Compared with that supply, the latest burn represents only a small reduction. Such a change cannot create an immediate supply shock. Long-term burns can still support a deflationary narrative for SHIB. However, traders need stronger demand to push prices higher.
… Continue reading the full article at the original source below.
