As a seasoned researcher with years of experience in the cryptocurrency market, I’ve seen my fair share of volatile and unexpected price movements. The recent surge in Shiba Inu (SHIB) burn rate is certainly intriguing, reaching an astonishing 38,199,412% in just 24 hours. While this may suggest a potential positive impact on the token’s price, the relationship between burns and price action can sometimes be as elusive as a well-hidden bone for a Shiba Inu!
The dog-themed cryptocurrency Shiba Inu (SHIB) has experienced a significant increase of over 38,000,000% in its burn rate recently. Over the past 24 hours, a total of 39,345,498 SHIB have been destroyed, marking a massive rise in the burn rate. (Source: Shibburn X account)
The price of Shiba Inu increased in the last 24 hours, reaching an intraday high of $0.00001468 in Sunday’s trading session. However, the rise was short-lived, as the SHIB price retreated as the cryptocurrency market experienced some profit-taking. At the time of writing, SHIB was down 0.34% in the last 24 hours to $0.00001395 and down 1.10% weekly.
The latest trends in Shiba Inu’s pricing seem to imply that the connection between token burns and price might not necessarily be simple or direct. A concurrent rise in burn rate and price increase was followed by a reversal, suggesting that investors might be adopting a cautious stance, preferring to observe more consistent momentum before making significant moves.
Similarly, although the burning rate of Shiba Inu has significantly increased, it doesn’t solely dictate the movement of SHIB in the market. Factors like prevailing market conditions, investor attitudes, and broader trends within the cryptocurrency sector are also key determinants shaping the direction of SHIB’s price trend.
SHIB price action
After hitting a low of 0.0000107 on August 5, SHIB experienced its largest growth since April 2024 during Thursday’s trading, peaking at $0.0000144. The bullish momentum to further boost Shiba Inu’s current recovery faced opposition at $0.00001468 in today’s trading session, causing the price to dip again.
If the price of Shiba Inu drops below its current value, it could indicate that investors’ feelings towards it are still negative, and they are selling during uptrends. Under such conditions, Shiba Inu may return to test the support level at $0.000010.
In a positive outlook, it’s expected that bears will try to hold the daily moving averages at approximately $0.0000163 (50-day MA) and $0.0000203 (200-day MA). If these levels are surpassed, it could potentially trigger a rise towards $0.000020. This potential increase might aim at reaching the $0.00003 level.
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2024-08-11 18:39