The Shiba Inu cryptocurrency caught significant attention due to a drastic increase in its coin burn rate, leading to the permanent removal of 9.5 million SHIB coins from circulation.
What Does the Burn Rate Indicate?
Data from Shibburn reveals that this surge in the burn rate is among the most significant daily performances in the Shiba Inu ecosystem's strategy to curb supply. This process aims to increase SHIB's market value, yet investor caution remains prevalent, as many are facing financial losses.
Will SHIB Overcome Technical Barriers?
The immediate aim for SHIB's price is to surpass a technical resistance point marked by the 26-day exponential moving average (EMA) at $0.0000118. This level has historically been a formidable obstacle dominated by sellers. A recent rally brought the price close to this mark, with anticipation for re-testing the $0.0000120 zone.
Key Points of Developments
• The increase of 9.5 million SHIB in the burn rate aims to strategically reduce supply. • No immediate impact on SHIB's price, as investor sentiment remains fragile. • Key technical resistance at the 26-day EMA poses a potential hurdle for price growth.
Market enthusiasm suggests that the initiated coin burn could have longer-term implications, possibly leading to a delayed upward shift in value. However, current macroeconomic and liquidity concerns remain pressing challenges for immediate price jumps.
