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Dog-themed cryptocurrency Shiba Inu (SHIB) is experiencing a remarkable surge in its burn rate, skyrocketing by an impressive 1,009% as the token's price sees a notable uptick.
According to the Shibburn X handle, 11,899,510 SHIB tokens have been burned in the last 24 hours, representing a 1,009.27% surge. The timing of the burn rate spike could not have been better, as Shiba Inu's price has experienced a positive move in the market.
Shiba Inu touched the $0.000014 level in weekend trading as Bitcoin and the general crypto market extended an earlier rebound.
Tomiwabold OlajideBitcoin's price surged on Friday, reaching $60,770, its highest level since the beginning of September, as traders got hopeful that the Federal Reserve's next meeting might provide a jumbo-sized rate.
SHIB price action
At the time of writing, SHIB was up 1% in the last 24 hours to $0.0000137 and up 6% weekly.
Shiba Inu started rising after hitting lows of $0.00001231 on Sept. 6, and since this date has marked six out of seven days in green until the price ran into resistance near $0.000014.
Currently, buyers are trying to push Shiba Inu above the daily SMA 50 at $0.000014, a tussle that has been since the past day, but bears have not relented.
On the upside, a decisive break above the critical resistance at the daily SMA 50 at $0.000014 might be key to watch out for. If buyers surpass this hurdle, SHIB might gain traction and surge to $0.000016.
The bears may try to block the upward trend at this level, but it is projected to be crossed. If this is accomplished, Shiba Inu may then aim for the $0.000021 level at the daily SMA 200, which is ahead of the $0.00003.
On the other hand, the bears might attempt to strengthen their position by driving SHIB prices below the $0.000013 support level. If they succeed, it will indicate the return of the bears. SHIB may then fall to $0.000011, and eventually to $0.000010.
Alex Dovbnya
Arman Shirinyan
Vladislav Sopov
Dan Burgin
U.Today Editorial Team