Despite 53 mln Shiba Inu burn, why SHIB’s breakout depends on DOGE

Shiba Inu burning is still going strong, but is it enough for a breakout?

In the past 24 hours, over 53 million SHIB have been burned. This is a significant amount, and it has helped to reduce the overall supply of SHIB in circulation.

However, despite this burn, SHIB’s price has not seen a significant increase.

Why is this?

One reason is that the burn rate is not enough to offset the number of new SHIB being created.

Another reason is that the market is currently in a bearish trend. This means that investors are less likely to buy risky assets like SHIB.

So, what can SHIB holders do?

One thing they can do is to be patient.

The market will eventually turn around, and when it does, SHIB is likely to see a breakout.

Another thing they can do is to buy and hold SHIB.

This will help to reduce the supply of SHIB in circulation and increase its price.

What about DOGE?

DOGE is the largest meme coin by market capitalization.

It has a strong community and a lot of support from retail investors.

If DOGE can breakout, it is likely to have a positive impact on SHIB.

Conclusion

The Shiba Inu burn is a positive development, but it is not enough to trigger a breakout on its own.

The market is currently in a bearish trend, and this is weighing on SHIB’s price.

SHIB holders need to be patient and continue to buy and hold the coin.

If DOGE can breakout, it is likely to have a positive impact on SHIB.