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Dog-themed cryptocurrency Shiba Inu (SHIB) is in the spotlight amid a a 972% surge in its daily burn rate. This massive spike in the removal of SHIB tokens from circulation has coincided with a 3% increase in the token's price during the last 24 hours.
Shiba Inu reduces the total supply of SHIB tokens through burning, a mechanism expected to create scarcity and potentially boost long-term value. The recent 972% increase in the daily burn rate is significant, with a substantial amount of SHIB tokens permanently removed from circulation.
According to the Shibburn website, 5,441,220 SHIB were burned in the last 24 hours, representing a 972% increase in burn rate. At the time of writing, SHIB was up 2.92% in the last 24 hours to $0.000022 and up 4% weekly.
SHIB price faces upside resistance
Shiba Inu has modestly rebounded in the last two days, mirroring the slight recovery in the general crypto market. Despite this uptick, SHIB remains below key resistance levels, and sustained momentum might be necessary to break through to higher price levels.
Shiba Inu is currently locked in a range between its daily SMA 200 and 50, at $0.0000187 and $0.0000259, respectively.
On the upside, SHIB may need to break beyond $0.0000223 to maintain the current rebound, with stronger resistance at $0.000024. A break in either way above the daily SMAs 200 and 50 would define Shiba Inu's next move. A break over the daily SMA 50 would signal a Shiba Inu recovery, sending the price to $0.00003 or maybe $0.000033.
Tomiwabold OlajideShiba Inu is currently down 18.59% for December, marking its first monthly decline since September when it embarked on a rally. With just two days to the close of 2024, eyes are on where Shiba Inu price trends next.
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.
Yuri Molchan
Alex Dovbnya
Vladislav Sopov
Dan Burgin