The dog-themed cryptocurrency Shiba Inu (SHIB) is experiencing a remarkable surge in its burn rate, skyrocketing by 1009% in the last 24 hours.
Details on SHIB Burn Rate Surge
According to Shibburn, 11,899,510 SHIB tokens have been burned in the last 24 hours, representing a 1009.27% surge. The burn rate spike coincided with a positive move in Shiba Inu's price on the market.
SHIB Price Action
At the time of writing, SHIB was up 1% in the last 24 hours to $0.0000137 and up 6% weekly. Shiba Inu started rising after hitting lows of $0.00001231 on Sept. 6, and has marked six out of seven days in green until the price ran into resistance near $0.000014.
SHIB Future Outlook
Buyers are trying to push Shiba Inu above the daily SMA 50 at $0.000014. If they succeed, SHIB might surge to $0.000016 and further to $0.000021 at the SMA 200 level. On the downside, if bears strengthen their position, SHIB might fall to $0.000011 or even $0.000010.
The increase in SHIB's burn rate and positive price action indicate rising market interest. However, investors should be prepared for potential price fluctuations.
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