As a seasoned analyst with a decade-long career in the volatile world of cryptocurrencies, I must say that the recent surge in Shiba Inu’s burn rate has caught my attention. With a staggering 5,975% increase over the past 24 hours, it’s hard not to take notice.
Recently, there’s been a massive jump in the destruction rate of the digital currency based on the Shiba Inu dog theme. Over the past day, this burn rate has skyrocketed an astounding 5,975%, a statistic that has piqued the interest of the wider cryptocurrency community.
Based on information from Shibburn (handle), it appears that the rate at which Shiba Inu tokens are being burned has experienced an incredible increase of approximately 5,975%. This surge in burning rates seems to coincide with a rise in the value of SHIB coins.
Hourly Shiba Inu Update:
— Shibburn (@shibburn) September 22, 2024
According to the latest report from Shibburn X, an impressive 1,729,224 Shiba Inu tokens were destroyed over the past 24 hours, representing a massive 5,975.13% increase in burning rate. Interestingly, just one day prior, no Shiba Inu tokens were burned at all.
Yesterday’s burning of 1,729,224 SHIB tokens might seem like a modest amount, but considering there were zero burns the day prior, it carries substantial importance for me as an investor.
The weekly burn rate was demonstrating a mild 17.17% rise with 38,884,384 SHIB burned in the last seven days.
SHIB price rallies
Last Tuesday, the price of Shiba Inu started increasing, in anticipation of the Federal Reserve’s rate announcement made on Wednesday.
During the past week, cryptocurrencies experienced an increase, following a broader market surge. This growth was prompted by the Federal Reserve’s decision to lower interest rates by 0.5% for the first time in over four years.
For five consecutive days, the value of Shiba Inu continued to rise, but it saw a decrease during today’s trading session due to profit-taking.
Despite facing slight profit taking, SHIB is up 2.74% in the last 24 hours to $0.0000147 at the time of writing. Shiba Inu is up 6.36% so far in September, a month considered bearish for cryptocurrencies.
If the Shiba Inu’s price consistently surpasses its Daily Simple Moving Average (SMA) 50 – a level that has generally limited the coin’s price growth since April – it could indicate a continuation of the current bullish trend. Under such circumstances, SHIB might aim for $0.000016 before reaching its Daily SMA 200 at $0.0000208.
If there’s a price drop (fall), the Simple Moving Average (SMA) 50 at approximately $0.00001375 could potentially function as temporary support before the $0.000013 mark.
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2024-09-22 12:49