The dog-themed cryptocurrency Shiba Inu (SHIB) is experiencing a significant surge in its burn rate, soaring an impressive 1,009% as the token price has risen markedly.
According to Shibburn X, 11,899,510 SHIB tokens were burned in the last 24 hours, representing an increase of 1,009.27%. The time for the sharp increase in value could not have been chosen better, since the price of Shiba Inu on the market has changed in a positive direction.
DAILY UPDATE SHIB$SHIB Price: $0.00001406 (1 hour 0.86% ▲ | 24 hours 5.30% ▲)
Market Cap: $8,291,010,639 (5.40% ▲)
Total supply: 589 271 242 705 960TOKENS BURNED
Last 24 hours: 11,899,510 (1,009.27% ▲)
Last 7 days: 18,820,775 (-96.6% ▼)— Shibburn (@shibburn) September 13, 2024
The Shiba Inu touched $0.000014 in weekend trading as Bitcoin and the overall cryptocurrency market extended an earlier rebound.
Bitcoin’s price rose on Friday, reaching $60,770, its highest level since early September, as traders hoped a mammoth rate could be set at the next Federal Reserve meeting.
Shib price action
At the time of writing, SHIB is up 1% in the last 24 hours to $0.0000137 and is up 6% weekly.
The Shiba Inu began rising after hitting a low of $0.00001231 on September 6, and remained green for six out of seven days since then until the price encountered resistance near $0.000014.
Currently, buyers are trying to push the Shiba Inu above the daily SMA 50 at $0.000014, a battle that has been going on since last day, but the bears have not given in.
On the other hand, a decisive break above the critical resistance at the daily SMA 50 at $0.000014 could be a key point to watch. If buyers clear this hurdle, SHIB could gain momentum and rise to $0.000016.
Bears may try to block the uptrend at this level, but it is forecast to be crossed. If this is achieved, the Shiba Inu could target the $0.000021 level on the daily SMA of 200, ahead of the $0.00003 mark.
On the other hand, bears may try to strengthen their position by pushing SHIB prices below the $0.000013 support level. If they succeed, it will mean the return of the bears. SHIB could then fall to $0.000011 and eventually to $0.000010.
