The dog-themed cryptocurrency Shiba Inu (SHIB) is becoming the center of attention as the daily burn rate skyrockets by 972%. This surge in the removal of SHIB tokens from circulation has coincided with a 3% price increase of the token in the past 24 hours.
Shiba Inu reduces the total supply of SHIB tokens through burning, a mechanism expected to create scarcity and potentially drive long-term value. The recent 972% increase in the daily burn rate is significant, with a large amount of SHIB tokens permanently removed from circulation.
According to the Shibburn website, 5,441,220 SHIB have been burned in the past 24 hours, corresponding to a 972% increase in the burn rate. At the time of writing, SHIB has increased by 2.92% in the past 24 hours to $0.000022 and has risen by 4% over the week.
SHIB price faces upward resistance
Shiba Inu has made a modest recovery over the past two days, reflecting a slight recovery in the cryptocurrency market as a whole. Despite this increase, SHIB remains below key resistance levels, and sustainable momentum may be needed to overcome higher price levels.
Shiba Inu is currently locked within a range between the daily 200 SMA and 50 SMA, at $0.0000187 and $0.0000259 respectively.
On the positive side, SHIB may need to surpass the $0.0000223 threshold to maintain the current recovery momentum, with stronger resistance at $0.000024. A breakout in either direction above the daily 200 and 50 SMAs will determine Shiba Inu's next move. A breakout above the daily 50 SMA will signal Shiba Inu's recovery, pushing the price up to $0.00003 or possibly $0.000033.
Shiba Inu is currently down 18.59% in December, marking the first monthly decline since September when the price began to rise. With only two days left in 2024, people are watching the next price trend of Shiba Inu.
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