The cryptocurrency Shiba Inu is experiencing a significant rise in its token burning rate, with a 3839% increase in the last 24 hours, contributing to a price rise in Memecoin.
Increase in Burn Rate
Approximately 88 million Memecoin tokens were burned in one day, a key event that contributed to a 6% price increase. The spike is largely attributed to a whale wallet that destroyed the majority of burned tokens, totaling 85,957,545.
Price Predictions for Shiba Inu
Currently, Shiba Inu is trading at around $0.00001386, reflecting a steady 5% increase. There are short-term bullish trends observed, attracting interest from traders. Analysis shows that the token is in a moderately bullish state with an RSI level of 60.71.
Technical Analysis and Resistance
Technical indicators show that SHIB is facing a resistance area. Key levels to watch are $0.000014 and $0.000015. Breaking above these levels would lead to the next resistance at $0.000018.
Given the current rise in token burning and price fluctuations for Shiba Inu, many investors are closely monitoring market dynamics. The token's future may depend on the sustainability of these trends.
