- Shiba Inu prices rose over the previous day, peaking at $0.00001468.
Shiba Inu (SHIB), a cryptocurrency with a dog theme, has experienced a spike in burn rate, hitting 38,199,412%. The Shibburn X account states that in the past 24 hours, 39,345,498 SHIB were burned, which is an increase in burn rate of 38,199,412%.
Shiba Inu had a rise in price over the previous day, peaking at $0.00001468 on Sunday during trade. The increase was only temporary, though, as profit-taking in the cryptocurrency market caused the SHIB price to decline. As of this writing, SHIB had dropped 1.10% weekly and 0.34% during the previous 24 hours to $0.00001395.
It appears from Shiba Inu’s price history that there isn’t always a direct relationship between token burning and price. The retreat that occurred after the price increase that accompanied the spike in the burn rate suggests that market players may be being cautious and holding off on making substantial changes up until a more steady momentum is established.
Similarly, although the burn rate of Shiba Inus has increased, SHIB’s market performance is not only driven by this aspect. The general state of the market, investor mood, and wider cryptocurrency trends are some of the other elements that still affect the SHIB price trajectory.
SHIB trading activity
SHIB saw its largest gains since April 2024 in Thursday’s trading session, hitting highs of $0.0000144, after rising from lows of 0.0000107 on August 5. In today’s trading session, bulls trying to continue Shiba Inu’s recent rally encountered resistance at $0.00001468 before the price declined.
Shiba Inu may indicate that traders are selling on rallies and that the market is still bearish if it drops below its present price levels. Shiba Inu may retest the $0.000010 support in this case.
The daily moving averages 50 and 200, which are located at $0.0000163 and $0.0000203, respectively, are expected to be defended by bears on the rise. A break and closure above these crucial levels might lead to a surge to $0.000020. The $0.00003 level could be the goal of such a move.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
