Shiba Inu (SHIB) Burn Rate Surges 972%, Price Slightly Rises

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Shiba Inu (SHIB) has garnered attention due to its daily burn rate soaring by 972%. This astonishing increase aligns with a 3% rise in the price of SHIB tokens over the past 24 hours. Shiba Inu aims to enhance the scarcity of its tokens by continuously burning them, thereby potentially increasing their long-term value.

Burn Mechanism Aids in Enhancing Shiba Inu Scarcity

According to data from the Shibburn website, a total of 5,441,220 SHIB tokens were burned in the past 24 hours, with a burn rate surging by 972%. This action helps to gradually reduce the supply of SHIB in the market, creating scarcity which may positively impact the price.

As of the time of writing, the price of SHIB is $0.000022, having increased by 2.92% over the past 24 hours, with a weekly gain of 4%. This slight increase reflects the overall recovery of the cryptocurrency market.

SHIB Price Faces Resistance Level Challenge

Despite the rebound, the price of Shiba Inu remains below key resistance levels and requires sustained buying support to break higher price levels. Currently, SHIB is confined within a range between the daily 200 SMA and 50 SMA, at $0.0000187 and $0.0000259, respectively. To maintain the current rebound, Shiba Inu may need to break through $0.0000223, while stronger resistance lies at $0.000024.

Breaking through these two key SMA levels will be crucial for the future price movement of Shiba Inu. If the daily 50 SMA is broken, SHIB could see a revival, pushing the price towards $0.00003 or $0.000033.

Poor Performance in December, Market Focused on Future Trends

Despite a short-term recovery, Shiba Inu's performance in December has been disappointing, with a price drop of 18.59%, marking the first monthly decline since September. As we approach the end of 2024, the market will closely watch the next price movements of Shiba Inu, especially whether it can break through the current technical resistance levels and lay the groundwork for a new upward trend.

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