Millions of SHIB go up in smoke as Shiba Inu burn rate soars by 207%.
The dog-themed cryptocurrency Shiba Inu (SHIB) has witnessed a significant increase in token burning, with a notable 192% increase in the last 24 hours. The recent surge in scorching has led to millions of SHIB tokens being withdrawn from circulation, with the Shiba Inu community participating in the activity to create scarcity.
According to the Shibburn
This notable increase in SHIB token burning comes at a time when the market is eagerly anticipating a significant price change amid lackluster trading activity in Bitcoin and other major cryptocurrencies, including SHIB.
This week's muted action in Bitcoin, which has generally hovered in the $67,000-$69,000 zone, coincided with scrambles for other risk assets, including U.S. stocks.
Shiba Inu is also experiencing some profit taking, falling to its fourth day after an impressive rise earlier in the week.
After three consecutive days of gains, Shiba Inu jumped as much as 20% to reach highs of $0.0000294 on May 29. However, following this impressive rise, the dog-themed coin is now experiencing a profit-taking phase as investors look to capitalize on the gains.
At the time of writing, SHIB was down 2.18% in the last 24 hours to $0.00002473, coinciding with a broader market decline that saw most cryptocurrencies trading in the red.
The market reaction to the current profit-taking phase could be crucial in determining SHIB's near-term price trajectory. If buyers absorb the selling pressure, the price may stabilize or even continue its upward trajectory. On the other hand, if profit-taking leads to a more sustained sell-off, it could test SHIB price support levels.
In this scenario, Shiba Inu holding above the daily 50 SMA at $0.00002454 could be instrumental in maintaining the bullish momentum of SHIB price and avoiding further losses.
