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Dog-themed cryptocurrency Shiba Inu has seen a surge in burn rate in the last 24 hours, with the total amount burned surpassing 34 million SHIB.
According to Shibburn, 34,397,753 SHIB tokens were burned in the past day, contributing to a 274% increase in burn rate on a 24-hour basis.
This added up to a total of 94,600,421 SHIB tokens burned in the last seven days, however the weekly burn rate saw a slight decline, falling 9.46%.
The overall burn activity has resulted in a drop in Shiba Inu total supply, which is currently at 589,246,114,046,995 SHIB, according to Shibburn data.
At the time of writing, Shiba Inu was down 1.91% in the last 24 hours to $0.000008347 as the broader crypto market traded mostly down on Sunday.
Shiba Inu eyes December reversal
Coinbase Institutional is seeing a potential December recovery in crypto, a scenario that would favor Shiba Inu as it has largely trended with Bitcoin price in recent months. Coinbase cites improving liquidity and a shift in macroeconomic conditions that could favor risk assets.
Coinbase Institutional pointed to increasing chances of a Federal Reserve rate with odds reaching 93% on Polymarket and 86% on the CME’s FedWatch as a key driver.
Liquidity conditions are also improving, based on Coinbase’s internal M2 index, which tracks monetary flows that impact asset prices. The firm had previously predicted a weak November followed by a rebound, citing similar indicators.
Shiba Inu potential targets
Shiba Inu attempted a breakout from its current range trading, surging past the daily MA 50 for the first time since early October.
A two-day sharp rise culminated in a high of $0.0000095 on Dec. 3, but bulls could not go any further, as Shiba Inu price fell. Taken from this date, Shiba Inu has marked two out of three days in losses, extending the drop in early Sunday session.
If Shiba Inu price reverses as anticipated in December, its first test would be a decisive break of the $0.0000095 level for it to advance toward $0.00001177 and $0.0000148.
On the other hand, it seems Shiba Inu is forming a base at $0.00000815 with its next support anticipated in the $0.0000075 and $0.0000078 range.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team