Disclaimer: The opinions expressed by our editors are their own and do not represent those of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not responsible for any financial losses incurred while trading cryptocurrencies. Do your own research by contacting financial experts before making any investment decisions. We believe all content to be accurate as of the date of publication, but some offers mentioned may no longer be available.
Dog-Themed Cryptocurrency Shiba Inu (SHIB) noticed an increase in burn rate over the last 24 hours. According to the Shibburn X Account30,067,245 SHIB tokens were burned in the last 24 hours, representing a 951.63% increase in the daily burn rate.
A total of 90,978,818 SHIBs were burned over the past seven days, resulting in a 40% increase in the weekly burn rate. Despite the increase in burn rate, the Shiba Inu price has seen a decline over the past 24 hours. At the time of writing, SHIB was down 8% daily at $0.00002105, suggesting other forces may be at play influencing SHIB’s price rather than burning up.
Related
The Shiba Inu price drop follows profit-taking in the market, with most meme coins taking a hit. Meme coins have racked up larger losses over the past 24 hours, with Shiba Inu and Dogecoin down as much as 7%; PEPE coin and WIF down almost 14% and floki down over 12%. Surprisingly, some meme coins held up well in the green, with a few seeing significant gains.
SHIB price takes a hit
Shiba Inu saw a significant increase during Friday’s trading session from a low of $0.000022 to $0.0000246. SHIB’s rally continued on Saturday, reaching a high of $0.00002497 before buyers began taking profits.
Profit-taking sent SHIB down to a low of $0.00002232 during Saturday’s session; However, the bears have been relentless, pushing SHIB lower during Sunday’s session. Shiba Inu hit a low of $0.00002033 near where it is currently trading.
Related
If declines continue, support is seen at $0.0000196, which halted SHIB’s January 13 price decline ahead of the daily 200 SMA at $0.00001914. The daily RSI has dipped below the midpoint, indicating a slight advantage for the bears.
Looking ahead, bulls would encounter resistance at $0.000025 near the daily 50 SMA if prices rebound, before moving to $0.00003 and $0.000033. Shiba Inu has largely consolidated within its 50 and 200 daily moving averages since December 2024. A breakout in either direction could shape the Shiba Inu price trajectory in the days to come. That said, Shiba Inu could continue to trade ranges ahead of its next major move.