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SHIB Burn Rate Jumps 353% as Price Gains in Last 24 Hours

Mon, 12/05/2022 - 11:09
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Tomiwabold Olajide
SHIB price broke past important price barrier
SHIB Burn Rate Jumps 353% as Price Gains in Last 24 Hours
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The Shiba Inu burn rate is up an impressive 353% in the last 24 hours, sustaining its earlier increase. According to the Shibburn website, 37,957,807 SHIB were burned in the last 24 hours, which is almost five times that which was burned the previous day, when only 8,375,655 SHIB were burned.

In the past week, only 126 million tokens were burned, which represents a meager amount. This week seems to be taking off on a good note, with over 37 million SHIB burned at the week's start.

Shiba Inu (SHIB) Burn Rate Slightly Up 36% as 126 Million Burned in Past Week

At the time of publication, SHIB was changing hands at $0.00000985, up 5.51% in the last 24 hours and 8.12% in the past week. SHIB was also demonstrating a 65% gain in trading volume, with $19.4 trillion in SHIB swapped in the last 24 hours, or $190 million worth.

SHIB price action

After a rebound from lows of $0.0000081 on Nov. 22, SHIB consolidated in a range before its price attempted a move. After a positive close on Dec. 4, SHIB launched an attack at the immediate barrier of $0.00001009 at the daily MA 50.

Shiba Inu's attempt at this key barrier yielded intraday highs of $0.00001016 before a slight retreat occurred. SHIB then retraced back to the $0.000009 range, where it presently trades.

Shiba Inu Sees Nearly 100% Weekly Burns, What's Next on SHIB Price?

A firm break above the $0.000010 level would not only erase an extra zero in SHIB's price, it would likewise be needed for the continuation of the upside move.

The daily RSI is tilting upward and has moved above the 50 neutral level, which might suggest that the bulls might be ready for a move. However, the extent of the move remains unknown, given the bearish market conditions in place since the start of 2022.

A break past the $0.000010 level might yield a further rise to $0.000011 or even $0.000012. On the other hand, a drop from current levels might see SHIB clinging onto the $0.00009 level as it is forming a base there, while bears might threaten a drop to $0.000081 if the sell-off exacerbates.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.