Shiba Inu Burn Rate Soars Over 1,300%: Price Impact Under Scrutiny

SHIB’s token burning rate surged by 1,344%, with 135,451,536 tokens burned in 12 transactions.
SHIB investors closely monitor price dynamics amidst speculation of a potential shift, following recent price stabilization.
SHIB’s current price stands at $0.00002827, with resistance projected between $0.000031 and $0.000036.

There has been a notable spike in the Shiba Inu (SHIB) token burning rate, marking an impressive increase of 1,344%.

This surge in token-burning activity comes at a crucial moment for SHIB investors, amid indications of a potential shift in the price dynamics of the cryptocurrency. Reports reveal that over the past 24 hours, 135,451,536 SHIB tokens were burned across 12 transactions, amounting to $3,868.50 in monetary value. This surge in the SHIB burn rate is particularly noteworthy, given its substantial rise by 1,344.14%.

The recent uptick in token-burning activity aligns with increasing speculation regarding Shiba Inu’s price trajectory. Given SHIB’s recent price stabilization, investors are vigilant, observing the market for indications of a potential surge or notable price shift.

Over the weekend, the broader cryptocurrency market witnessed a resurgence in bullish momentum, with Bitcoin and other major cryptocurrencies reclaiming key resistance levels after a period of decline. SHIB also joined the rally, experiencing a three-day upward trend from April 6, before encountering profit-taking.

As of the latest update, SHIB is down by 1.83% over the past 24 hours, trading at $0.00002827. Analysts suggest that SHIB’s next resistance level lies between $0.000031 and $0.000036, supported by significant buying activity from 137,600 addresses at an average price of $0.000033. Conversely, if SHIB’s price retreats further, the next support level is anticipated between $0.000025 and $0.000027.

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Bhea Lacsamana

Bhea is a fintech journalist specializing in crypto, with a unique blend of roles as a content creator, anthropologist, and qualitative researcher. Her articles dive into both financial technology and cultural traditions, reflecting her diverse interests. Catch her immersed in a book where her love for learning thrives.