Dog-themed cryptocurrency Shiba Inu (SHIB) has recently caught the attention of the crypto community due to a significant increase in its burn rate. Over the past 24 hours, Shiba Inu's burn rate has risen by 5975%, attracting market interest.
Shiba Inu Burn Rate Increase
According to data provided by Shibburn on X, Shiba Inu's burn rate has skyrocketed by 5975% over the last 24 hours. During this period, 1,729,224 SHIB tokens were burned. In the day prior, no tokens were burned, making the current figures particularly noteworthy. > HOURLY SHIB UPDATE[$SHIB](https://twitter.com/search?q=%24SHIB&src=ctag&ref_src=twsrc%5Etfw) Price: $0.0000147 (1hr 0.22% ▲ | 24hr 3.24% ▲ ) Market Cap: $8,659,748,366 (3.24% ▲) Total Supply: 589,271,189,283,115 TOKENS BURNED Past 24Hrs: 1,729,224 (5975.13% ▲) Past 7 Days: 38,884,384 (17.17% ▲) > — Shibburn (@shibburn) [September 22, 2024](https://twitter.com/shibburn/status/1837748715991245146?ref_src=twsrc%5Etfw). Over the past week, the burn rate saw a modest 17.17% increase with 38,884,384 SHIB burned.
Current SHIB Price Information
The price of Shiba Inu started to rise last week ahead of the Federal Reserve's interest rate decision announced on Wednesday. Cryptocurrencies rallied this past week as part of a broader market surge after the Federal Reserve cut interest rates by half a percentage point for the first time in more than four years. Shiba Inu was no exception, climbing for five consecutive days before experiencing slight profit-taking in today's trading session.
Future Prospects
Despite facing minor profit-taking, Shiba Inu has risen by 2.74% over the last 24 hours, reaching $0.0000147 at the time of writing. The cryptocurrency has gained 6.36% so far in September, traditionally a bearish month for cryptocurrencies. A sustained break above the daily SMA 50, which has largely constrained Shiba Inu's price since April, could be necessary for continued bullish momentum, potentially targeting $0.000016 ahead of the daily SMA 200 at $0.0000208. In the event of a decline, the daily SMA 50 at $0.00001375 may act as intermediate support ahead of the $0.000013 level.
Shiba Inu has garnered significant attention amid a sharp increase in its burn rate and ongoing price growth. Future plans include potential breakthroughs in key resistance levels and setting new price benchmarks.
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