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Dog-themed cryptocurrency Shiba Inu (SHIB) has seen a surge in its burn rate, reaching 38,199,412%. According to the Shibburn X account, 39,345,498 SHIB were burned in the last 24 hours, representing a 38,199,412% surge in burn rate.
The price of Shiba Inu increased in the last 24 hours, reaching an intraday high of $0.00001468 in Sunday's trading session. However, the rise was short-lived, as the SHIB price retreated as the cryptocurrency market experienced some profit-taking. At the time of writing, SHIB was down 0.34% in the last 24 hours to $0.00001395 and down 1.10% weekly.
Shiba Inu's recent price behavior suggests that the relationship between token burns and the price might not always be straightforward. The price increase coinciding with the surge in the burn rate surge was followed by a pullback, indicating that market participants may be taking a cautious approach, waiting for more sustained momentum before making major moves.
Tomiwabold OlajideLikewise, while Shiba Inu's burn rate has surged, it is not the sole factor driving SHIB's market performance. Other factors, such as overall market conditions, investor sentiment and broader crypto trends, continue to influence the SHIB price trajectory.
SHIB price action
Following its rebound from lows of 0.0000107 on Aug. 5, SHIB posted its biggest gains since April 2024 in Thursday's trading session, reaching highs of $0.0000144. Bulls' attempt to extend Shiba Inu's current rebound met resistance at $0.00001468 in today's trading session before the price retreated.
If Shiba Inu declines below its current price levels, it might suggest that the sentiment remains bearish and traders are selling on rallies. In this scenario, Shiba Inu might retest the $0.000010 support.
On the upside, bears are anticipated to defend the daily moving averages 50 and 200 at $0.0000163 and $0.0000203, respectively, as a break and close above these key levels might pave the way for a rally to $0.000020. Such a move might target the $0.00003 level.
Arman Shirinyan
Godfrey Benjamin
U.Today Editorial Team
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