Shiba Inu (SHIB) Burn Rate Surges 2,133%, Triggering 10% Price Rise

Dog-themed meme coin Shiba Inu SHIB/USD has seen a massive 2,133% surge in its burn rate, followed by a 10% price rise.

Shiba Inu (CRYPTO: SHIB) price rose 10% during the past 24 hours and was trading at $0.000023 at press time.

The price surged 60.5% during the past seven days.

Shiba Inu price recently surged 2,133% in burn rate.

According to Shibburn, a platform that collects burn transaction data from Etherscan and presents it to the SHIB community, six burn transactions were reported in the last 24 hours.

These transactions resulted in the removal of a total of 34,312,733 SHIB from circulation.

The platform defines a burn as sending crypto to a "dead wallet" from where it can never be recovered.

Most of the burned SHIB was destroyed in a single transfer, which moved 31,483,015 SHIB to an unspendable blockchain wallet.

Two other large transfers moved 1,000,000 and 1,259,569 SHIB to the same destination.

The SHIB community leader, who goes by the name Shytoshi Kusama, announced on his official X account that he plans to take a break from social media for a few days.

This comes after the launch of a new Shibarium token, TREAT, and the completion of "2 extremely important papers".

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Shiba Inu Price Analysis

Shiba Inu price breached an ascending trendline on the hourly chart, which indicates a potential price reversal.

The meme coin was trading above the 50-hour moving average, which suggests bullish momentum.

However, the relative strength index (RSI) was below 50, which indicates selling pressure.

The meme coin could face resistance at the 23.6% Fibonacci level ($0.000024) and the 38.2% Fibonacci level ($0.000026).

On the downside, support could be found at the 50% Fibonacci level ($0.000021) and the 61.8% Fibonacci level ($0.000019).