Shiba Inu Burn Rate Hits 972% Surge as SHIB Price Pushes Toward Key Breakthrough

Shiba Inu's burn rate has skyrocketed by 972%, removing over 5.4 million tokens in just 24 hours. This dramatic surge aligns with a 3% price increase, igniting speculation about SHIB's next move as resistance levels come into focus.

Burn Rate Surge Highlights Shiba Inu's Deflationary Strategy

Shiba Inu (SHIB), a cryptocurrency with a dog motif, has recently been in the news due to a daily burn rate increase of 972%. The price of SHIB tokens has climbed 3% in the past 24 hours, coinciding with this dramatic surge in their withdrawal from circulation.

To generate scarcity and perhaps increase long-term value, Shiba Inu burns a portion of the entire number of SHIB tokens. A large number of SHIB tokens have been permanently removed from circulation due to the recent 972% rise in the daily burn rate.

The burn rate increased by 972% in the last 24 hours, with 5,441,220 SHIB burned, as reported on the Shibburn website. In the past 24 hours, SHIB has gained 2.92%, reaching $0.000022; on a weekly basis, it has gained 4%.

Shiba Inu Price Reacts Amid Modest Market Recovery

Similar to the small uptick in the overall cryptocurrency market, Shiba Inu has made a little comeback during the past two days. Despite the increase, SHIB is still trading below important resistance levels, thus it may take sustained momentum to reach higher price levels.

At the now, Shiba Inu is trading at $0.0000187, which is close to its daily SMA 200, and $0.0000259, which is close to its daily SMA 50.

Breaking Resistance Could Define Shiba Inu’s Next Trajectory

To keep the current bounce going, SHIB may have to break out of the $0.0000223 range, with $0.000024 providing tougher support.

The next move for Shiba Inu would be determined by a break in either direction above the daily SMAs 200 and 50, U.Today points out. Shiba Inu prices might rise to $0.00003 or perhaps $0.000033 if the daily SMA 50 were to be broken.

December has seen Shiba Inu fall for the first time since September, when it began a climb, with a current decrease of 18.59%. Everyone is watching the Shiba Inu pricing trend as we approach the end of 2024.