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Cryptocurrency News Articles
Dog-Themed Cryptocurrency Shiba Inu Has Seen a Significant Surge in Burn Rate
Sep 22, 2024 at 05:31 pm
Over the last 24 hours, the Shiba Inu burn rate has increased by a staggering 5,975%, a figure that has caught the attention of the broader cryptocurrency market.
Shiba Inu (SHIB) meme coin has seen a massive surge in its burn rate, which is now up by a staggering 5,975% over the last 24 hours.
This significant increase in the burn rate has corresponded with a rise in the SHIB price, which is up by 2.74% in the last 24 hours to $0.0000147 at the time of writing.
According to recent hourly updates from the Shibburn X handle, 1,729,224 SHIB tokens were burned in the last 24 hours, marking a 5,975.13% surge in burn rate. Notably, on the day prior to the last, Shiba Inu burns saw a bizarre turn with 0 SHIB burned.
Thus, the 1,729,224 SHIB tokens burned in the past day, although small, remain significant in the context that no SHIB was burned in the day before the last.
The weekly burn rate was also demonstrating a mild 17.17% rise with 38,884,384 SHIB burned in the last seven days.
The massive surge in the Shiba Inu burn rate comes as SHIB price rallies ahead of the Fed's rate decision.
In the week just concluded, cryptocurrencies gained as part of a broader market rally 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 days in a row before experiencing profit-taking in today's trading session.
Despite facing slight profit taking, SHIB is up 2.74% in the last 24 hours to $0.0000147 at the time of writing. Shiba Inu is up 6.36% so far in September, a month considered bearish for cryptocurrencies.
On the upside, a sustained break above the daily SMA 50, which has largely constrained the Shiba Inu price since April, might be needed for SHIB to continue its current bullish momentum. In this scenario, SHIB might target $0.000016 ahead of the daily SMA 200 at $0.0000208.
In the event of a fall, the daily SMA 50 at $0.00001375 might act as intermediate support ahead of the $0.000013 level.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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