Shiba Inu (SHIB) Price Pumps 10% as Burn Rate Spikes 1,536%

The SHIB price chart displays an Elliott Wave pattern, marking significant price points. Wave 1 shows a massive parabolic rally early in 2024.

The Shiba Inu price has shown a potential rally, with the SHIB price chart displaying an Elliott Wave pattern, marking significant price points.

Wave 1 shows a massive parabolic rally early in 2024. Then, Wave 2 goes into a deep retracement, forming a local bottom at around $0.00000753, known as the Final Point of Convergence (FPG).

After this, Wave 3 goes into a strong bullish wave, pushing the price of Shiba Inu to a new high of $0.00003475. Afterward, it goes into a corrective phase, with the price testing support levels at the 38.2% Fibonacci and 50% Fibonacci levels.

Currently, the Shiba Inu price is trading below both the 50-day and the 200-day Simple Moving Averages (SMAs), at $0.00001493 and $0.00001916, respectively, and there is a potential resistance at the 2024 YTD high of $0.000035.

A successful breakout above this level could push the price of Shiba Inu toward the next resistance at the 2023 all-time high of $0.00008.

However, if the bears take control of the price at this point, SHIB could drop back to the FVG level of around $0.00000753.

Shiba Inu Burn Rate Spikes 1,536%

In the last 24 hours, the Shiba Inu burn rate has spiked 1,536%, with a total of 1,796,569,069 SHIB tokens being burned. This brings the volume of SHIB burned in the past seven days to 8,004,647,308, according to the token burn website.

The increased burning activity comes as the cryptocurrency has shown signs of a potential rally.

Shiba Inu is a token that can be used to pay for goods and services, and it is also being developed into a metaverse token. The token is used to power the Shiba metaverse, which is still under development but is set to launch in 2025.

The Shiba Inu price has been showing signs of a potential rally, with the SHIB price chart displaying an Elliott Wave pattern, marking significant price points.

The first wave, known as Wave 1, shows a massive parabolic rally early in 2024. This wave went into a deep retracement, forming a local bottom at around $0.00000753, known as the Final Point of Convergence (FPG).

After this, the price went into a strong bullish wave, which is Wave 3, pushing the price of Shiba Inu to a new high of $0.00003475. Afterward, it went into a corrective phase, with the price testing support levels at the 38.2% Fibonacci and 50% Fibonacci levels.

Currently, the Shiba Inu price is trading below both the 50-day and the 200-day SMAs, at $0.00001493 and $0.00001916, respectively, and there is potential resistance at the 2024 YTD high of $0.000035.

A successful breakout above this level could push the price of Shiba Inu toward the next resistance at the 2023 all-time high of $0.00008.

However, if the bears take control of the price at this point, SHIB could drop back to the FPG level of around $0.00000753.

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