In an unexpected twist within the cryptocurrency landscape, Shiba Inu (SHIB) has captured significant attention due to an extraordinary surge in its burn rate. The bear-themed digital asset has recently witnessed a dramatic increase that stands at an astonishing 5,975%. Coupled with a notable uptick in its market price, this surge may have implications for both traders and long-term enthusiasts.
Shiba Inu Burn Rate Surge
The latest figures detailed by the Shibburn X handle reveal that the burn rate of Shiba Inu tokens has skyrocketed by 5,975% over the past 24 hours. This surge in token burns coincides with a rise in the asset’s price, indicating a growing interest within the market.
Key Metrics
- Current SHIB Price: $0.0000147
- Hourly Change: +0.22%
- 24-Hour Change: +3.24%
- Market Capitalization: $8,659,748,366 (3.24% increase)
- Total Supply: 589,271,189,283,115 tokens
- Tokens Burned in the Past 24 Hours: 1,729,224 (5,975.13% increase)
- Tokens Burned in the Past 7 Days: 38,884,384 (17.17% increase)
This recent uptick in burn rates is particularly remarkable given that, just a day prior, 0 SHIB tokens were burned. This juxtaposition emphasizes the substantial impact of the past 24 hours.
Market Performance
The price momentum for SHIB commenced earlier this week, notably ahead of the Federal Reserve’s interest rate decision. As the broader cryptocurrency market benefitted from a favorable shift—where the Fed cut interest rates by half a percentage point for the first time in over four years—Shiba Inu followed suit with a five-day price climb.
Despite experiencing a pullback due to profit-taking in today’s trading, SHIB maintains a 2.74% increase over the last 24 hours. Notably, this month has already seen a 6.36% rise in value for Shiba Inu, countering the seasonal bearish trend commonly observed in September.
Key Resistance & Support Levels
Should Shiba Inu manage to maintain this bullish trajectory, the cryptocurrency could aim for key resistance levels:
- First Target: $0.000016, necessitating a sustained break above the daily Simple Moving Average (SMA) of 50, which has constrained SHIB prices since April.
- Secondary Target: $0.0000208 representing the daily SMA 200.
Conversely, in the event of a downward movement, $0.00001375 may act as immediate support, along with the psychological level of $0.000013.
As the cryptocurrency space evolves, the remarkable activity surrounding Shiba Inu’s burn rate and price trajectory underscores the dynamic nature of digital assets and the ongoing developments that investors should closely monitor.
