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) has seen a surge in burn rate within the last 24 hours. According to the Shibburn X account, 30,067,245 SHIB tokens were burned in the last 24 hours, representing a 951.63% surge in the daily burn rate.
A total of 90,978,818 SHIB were burned in the last seven days, yielding a 40% surge in the weekly burn rate. Despite the surge in burn rate, Shiba Inu's price has seen a decrease in the last 24 hours. At the time of writing, SHIB was down 8% daily to $0.00002105, suggesting that other forces might be at play influencing SHIB price rather than burns.
Shiba Inu's price dip follows profit-taking in the market, with most meme coins taking a hit. Meme coins have racked up larger losses in the last 24 hours, with Shiba Inu and Dogecoin down as much as 7%; PEPE coin and WIF down almost 14% and floki down over 12%. Surprisingly, certain meme coins have held up well in the green, with a few posting significant gains.
SHIB price takes hit
Shiba Inu experienced a significant increase in Friday's trading session, increasing from a low of $0.000022 to $0.0000246. SHIB's rally continued on Saturday, reaching highs of $0.00002497 before buyers started taking profits.
The profit-taking caused SHIB to dip to lows of $0.00002232 in Saturday's session; however, bears were unrelenting, pushing SHIB lower in Sunday's session. Shiba Inu reached lows of $0.00002033 near where it currently trades.
In the event the declines continue, support is envisaged at $0.0000196, which halted SHIB price declines on Jan. 13 ahead of the daily SMA 200 at $0.00001914. The daily RSI has plunged below the midpoint, indicating a slight edge to the bears.
Going forward, bulls would confront resistance at $0.000025 near the daily SMA 50 if prices rebound, before moving on to $0.00003 and $0.000033. Shiba Inu has broadly consolidated within its daily moving averages of 50 and 200 since December 2024. A break in either direction might shape Shiba Inu's price trajectory in the days ahead. This said, Shiba Inu might continue in range trading before its next major move.
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.