Shiba Inu Burn Rate Skyrockets by 227x During Meme Coin Correction, Igniting Rebound Optimism

# Shiba Inu (SHIB) Faces Market Pressure Amid Decline in Meme Coins, but On-Chain Data Inspires Optimism Shiba Inu (SHIB), one of the leading meme coins by market capitalization, has experienced a downward trend over the past week, reflecting a 2.38% drop in the broader meme coin market. Over the last seven days, SHIB has fallen by 7%. However, on-chain data indicates a potential bullish reversal, sparking investor interest. ## Burn Rate Surge Signals Increased Market Activity According to Crypto Times on November 3, SHIB's burn rate surged by an astounding 22,604% within the past 24 hours. Approximately 25.77 million SHIB tokens were transferred to dead wallets for permanent removal from circulation. Four key transactions occurred within the Shiba Inu network, three of which involved over 1 million tokens each. To date, the total number of burnt SHIB tokens has reached 410.74 trillion. This significant rise in the burn rate highlights increased buying and selling pressure for the digital asset market's second-largest meme coin. Moreover, Shiba Inu’s new self-custody digital asset payment service has captivated its community, enhancing its use case potential. ## Price Trends and Volume Declines As of November 4 at 10:34 a.m. KST, SHIB's price has dropped by 3.99% in the past 24 hours, trading just above $0.000013, according to CoinMarketCap. SHIB’s 24-hour trading volume diminished by 28.36% to $110.34 million (approximately KRW 154.75 billion), reducing its market capitalization to $7.6 billion (approximately KRW 10.65 trillion). The current trading price marks an 85% decrease from SHIB's all-time high of $0.00008845. ## Technical Outlook: Crucial Resistance and Support Levels From a technical standpoint, SHIB is supported at its 50-day Exponential Moving Average (EMA). Should bullish sentiment strengthen, SHIB could challenge the resistance level at $0.00001525, with potential to rise further to $0.000020 if the momentum persists. Conversely, heightened selling pressure could drive SHIB’s price down to the $0.00001025 range. The combination of increased burn activity and the potential for a technical breakout has placed SHIB in the spotlight. It remains a key asset to monitor in the coming weeks as traders assess the possibilities of a recovery amid broader market volatility.