Advertisement
AD

Main navigation

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

Advertisement
Mon, 5/12/2022 - 11:09
SHIB Burn Rate Jumps 353% as Price Gains in Last 24 Hours
Cover image via stock.adobe.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

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.

Advertisement

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.

Related
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.

Related
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.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles