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Dog-Themed Cryptocurrency Shiba Inu (SHIB) is in the spotlight amid a 972% increase in its daily burn rate. This massive increase in the removal of SHIB tokens from circulation coincided with a 3% increase in the token’s price over the past 24 hours.
Shiba Inu reduces the total supply of SHIB tokens by burning them, a mechanism that should create a shortage and potentially increase value in the long term. The recent 972% increase in daily burn rate is significant, with a significant amount of SHIB tokens permanently removed from circulation.
According to the Shibburn website5,441,220 SHIBs were burned in the last 24 hours, representing a 972% increase in burn rate. At the time of writing, SHIB was up 2.92% over the past 24 hours to $0.000022 and up 4% for the week.
SHIB Price Faces Upside Resistance
Shiba Inu has rebounded slightly over the past two days, reflecting the slight recovery in the general crypto market. Despite this slight rise, SHIB remains below key resistance levels, and sustained momentum may be needed to break through higher price levels.
Shiba Inu is currently stuck in a range between its 200 and 50 daily SMAs, at $0.0000187 and $0.0000259, respectively.
On the upside, SHIB may need to break above $0.0000223 to maintain the current rebound, with stronger resistance at $0.000024. A breakout in either direction above the daily SMAs of 200 and 50 would define Shiba Inu’s next move. A breakout of the daily 50 SMA would signal a rally in the Shiba Inu, sending the price to $0.00003 or perhaps $0.000033.
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Shiba Inu is currently down 18.59% for December, marking its first monthly decline since September, when it embarked on a rally. With just two days until 2024 ends, eyes are on the next Shiba Inu price trend.