Shiba Inu Burn Rate Surges 5,975% Amid SHIB Price Increase

Cryptonews Economy John Brightwater September 22, 2024

Shiba Inu Burn Rate Surges 5,975% Amid SHIB Price Increase

Summary
The Shiba Inu cryptocurrency has observed an impressive 5,975% rise in its burn rate coinciding with a price increase. In 24 hours, over 1.7 million SHIB tokens were burned, contrasting starkly with no burns reported the previous day. Following the Federal Reserve’s interest rate cut, SHIB is presently priced at $0.0000147, up 2.74% in 24 hours, with potential targets set if it manages to surpass key resistance levels.

The Shiba Inu cryptocurrency has experienced a remarkable surge in its burn rate, soaring by an astonishing 5,975% within the past 24 hours. This dramatic increase coincides with a notable rise in the price of SHIB, which has captured the attention of investors and enthusiasts alike in the cryptocurrency market. As reported by the Shibburn Twitter handle, approximately 1,729,224 SHIB tokens were burned in just one day, signaling a significant turnaround, especially following a previous day where no tokens were incinerated. Furthermore, over the last week, the burn rate exhibited a modest increase of 17.17%, with a total of 38,884,384 tokens burned in the past week. In conjunction with the burn rate spike, the price of Shiba Inu has been on an upward trend since last Tuesday, preceding the Federal Reserve’s rate decision released on Wednesday. The overall cryptocurrency market benefitted from a broader rally as the Federal Reserve implemented its first interest rate cut in over four years, leading to increased investor confidence. During this positive phase, Shiba Inu recorded a rise for five consecutive days before witnessing some profit-taking in the current trading session. At the time of this review, Shiba Inu’s price stood at $0.0000147, reflecting a 2.74% increase within the last 24 hours and a 6.36% rise since the commencement of September, typically regarded as a bearish period for cryptocurrencies. Analysts suggest that to maintain this bullish momentum, SHIB must surpass the daily SMA 50, which has imposed constraints on its price movements since April. Should this occur, potential targets for the token could include $0.000016, progressing toward the daily SMA 200 at $0.0000208. In the event of a downturn, the daily SMA 50 at $0.00001375 is anticipated to serve as an intermediate support level, ahead of the critical $0.000013 mark.

The Shiba Inu cryptocurrency, a dog-themed digital asset, has drawn significant attention within the cryptocurrency market due to its unique community-driven initiatives, including token burns that aim to reduce supply and increase scarcity. This recent spike in burn rate is particularly noteworthy as it coincides with a broader bullish trend in the cryptocurrency market, driven by favorable economic developments such as the Federal Reserve’s decision to cut interest rates. Market dynamics such as these influence investor behavior significantly, often resulting in increased trading volume and heightened interest in the asset, further contributing to its price movements.

In conclusion, the Shiba Inu cryptocurrency has witnessed a dramatic 5,975% increase in its burn rate over the past 24 hours, coupled with a positive price trajectory despite recent profit-taking activities. As the market continues to react to macroeconomic developments, Shiba Inu’s ability to maintain its upward momentum will depend on its capacity to break critical resistance levels, which could pave the way for significant future gains.

Original Source: u.today