Shiba Inu Burn Rate Soars 1009% as Shiba Inu Price Jumps đ„đâ
The dog-related cryptocurrency Shiba Inu (SHIB) is seeing an incredible surge in its burn rate, rising by 1009%, while the coinâs price has seen a significant increase.
Burn Rate Increase đ©žđ„
According to Shibburnâs account on the X platform (formerly Twitter), 11,899,510 SHIB tokens have been burned in the last 24 hours, representing a 1009.27% ââincrease. The timing of the burn rate spike coincided with a positive move in the Shiba Inu price in the market. đ„đ©ž
Shiba Inu touched the $0.000014 level in the weekend trading, as the general crypto market recovery that started earlier extended. đ©žđ„
The bears may try to thwart the uptrend at this level, but it is expected to be surpassed. If that happens, Shiba Inu may target the $0.000021 level at the 200-day simple moving average, which comes before the $0.00003 level. đ„đ©ž
On the other hand, the bears may try to consolidate their position by pushing SHIB price below the $0.000013 support level. If they succeed, it will indicate the return of the bears. SHIB may then drop to $0.000011 and possibly to $0.000010 eventually.$SHIB đ©žđ„
