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.
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.
Vladislav Sopov
Dan Burgin
Alex Dovbnya