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Cryptocurrency News Articles
Shiba Inu's Burn Rate Spikes Over 5,900% as SHIB Price Gains Ahead of Federal Reserve Decision
Sep 23, 2024 at 05:57 pm
The wider cryptocurrency market has taken notice of the Shiba Inu burn rate, which has surged by an astounding 5,975% in the past 24 hours.
The burn rate of Shiba Inu (SHIB) has surged by an astonishing 5,975% in the past 24 hours, driving SHIB’s price upward as the cryptocurrency experiences a price surge ahead of the Federal Reserve's latest rate announcement.
The Shiba Inu burn rate has attracted attention in the wider cryptocurrency market, which has seen SHIB’s burn rate surge by a massive 5,975%.
SHIB Burn Rate Spikes Over 5,900%
Tracking the burn rate of Shiba Inus, the Shibburn X handle has reported a surge of 5,975% in the SHIB burn rate.
According to the latest hourly update by the Shibburn X account, the burn rate surged by 5,975.13%, with 1,729,224 SHIB tokens burned. Notably, the day before saw a surprising turn of events with 0 SHIB being burnt.
SHIB Burned After a Day of Zero Burns
The 1,729,224 SHIB tokens burned yesterday, while not a large amount, are significant considering that 0 SHIB was burnt the previous day. Over the past week, 38,884,384 SHIB were burned, indicating a slight 17.17% increase in the weekly burn rate.
Shiba Inu Surges as Federal Reserve Decision Nears
In the lead-up to Wednesday's announcement of the Federal Reserve's rate decision, the Shiba Inu price began to rise on Tuesday.
Following the first rate cut by the Federal Reserve in nearly four months—a half percentage point—last week, cryptocurrencies joined the broader market in surging.
SHIB Price Rises with Profit-Taking
Shiba Inu was no exception, with the breed finally seeing profit-taking in today's trade after five days of consecutive gains.
SHIB closed the last day with a gain of 2.74%, reaching $0.0000147 despite some profit-taking. According to U.Today, Shiba Inu has risen 6.36 percent so far in September, a month typically considered bearish for cryptocurrency prices.
Shiba Inu Encounters Resistance at Key Price Level
The current bullish momentum for SHIB may be hindered without a sustained breakout above the daily SMA 50, which has largely capped the Shiba Inu price since April. In such a scenario, SHIB could target the $0.000016 price level before the daily SMA 200 (currently at $0.0000208).
If the price were to decline, intermediate support could be found around the daily SMA 50 before the $0.000013 level, which is currently at $0.00001375.
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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