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Dog-themed cryptocurrency Shiba Inu (SHIB) He is in the spotlight amid a 972% rise in the daily burn rate. This massive surge in SHIB tokens being removed from circulation coincided with a 3% increase in the price of the token over the past 24 hours.
Shiba Inu is reducing the total supply of SHIB tokens through burning, a mechanism that is expected to create scarcity and potentially enhance value in the long term. The recent 972% increase in daily burn rate is significant, with a large amount of SHIB tokens permanently removed from circulation.
According to Shepburn Website5,441,220 SHIB were burned in the past 24 hours, representing a 972% increase in burn rate. At the time of writing, SHIB is up 2.92% over the past 24 hours to $0.000022 and up 4% weekly.
SHIB price is facing upward resistance
Shiba Inu It has rebounded modestly in the past two days, reflecting the slight recovery in the overall cryptocurrency market. Despite this rally, SHIB remains below key resistance levels, and continued momentum may be necessary to break through higher price levels.
The Shiba Inu is currently trapped in a range between its daily SMA of 200 and 50, at $0.0000187 and $0.0000259, respectively.
On the upside, SHIB may need to break above $0.0000223 to sustain the current bounce, with stronger resistance at $0.000024. A breakout in either direction above the 200 and 50 simple moving averages will determine the next move for the Shiba Inu. A break above the daily 50 simple moving average could signal a Shiba Inu recovery, sending the price to $0.00003 or perhaps $0.000033.
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Shiba Inu stock is currently down 18.59% for the month of December, marking its first monthly decline since September when it began rising. With just two days left in 2024, all eyes are on the next Shiba Inu price trends.
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