Shiba Inu Burn Rate Skyrockets Massive 972%, Here’s SHIB Price Reaction

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As a seasoned researcher with over two decades of experience in the dynamic world of cryptocurrencies, I find myself intrigued by the recent surge in Shiba Inu (SHIB). The 972% increase in its daily burn rate is nothing short of remarkable, especially when coupled with a 3% price rise over the last 24 hours. This trend seems to be a testament to the potential power of token burning as a mechanism to create scarcity and boost long-term value.

However, it’s important to remember that while Shiba Inu has shown resilience in the face of market volatility, it still faces upside resistance. The coin remains below key levels, and sustaining momentum is crucial for any potential breakthrough to higher price levels.

Looking at the technical indicators, SHIB is currently locked in a range between its daily SMA 200 and 50. A break above $0.0000223 would be necessary to maintain the current rebound, with stronger resistance at $0.000024 looming ahead. If SHIB manages to breach these levels, we could potentially see the price soaring to $0.00003 or even $0.000033.

That being said, it’s essential to keep in mind that the world of cryptocurrencies is known for its unpredictability. So, while I find myself hopeful about Shiba Inu’s potential, I also remind myself (and others) not to forget our favorite saying: “Never invest more than you can afford to lose—especially in a dog.”

Happy New Year, may your portfolios be full of puppies and profits!

As an analyst, I’m observing a significant focus on the Shiba Inu cryptocurrency (SHIB) due to a staggering 972% rise in its daily burn rate. This surge in the elimination of SHIB tokens has happened simultaneously with a 3% price increase over the past 24 hours.

Shiba Inu decreases the number of available SHIB coins by burning them, a strategy intended to cause scarcity and potentially enhance the coin’s long-term worth. The surge in the daily burn rate by an impressive 972% recently means a large quantity of SHIB tokens have been taken out of circulation permanently.

As a seasoned cryptocurrency investor with over a decade of experience, I have witnessed the rise and fall of countless digital assets. The hourly Shiba Inu (SHIB) update caught my attention due to its impressive performance in the past 24 hours, with a growth of 1.81%. However, it’s essential to keep an eye on its short-term fluctuations, as shown by the minor dip (-0.02%) in the last hour.

The market capitalization increase of 1.90% over the same period is encouraging, but I remain cautious about investing too heavily at this stage due to the massive total supply of SHIB tokens (589,257,095,035,320). The burning of a significant number of tokens in the past 24 hours (5,441,220) and over the past seven days (70,806,222) is a positive sign that may help reduce supply pressure.

In my opinion, it’s crucial to approach Shiba Inu with caution, as it’s essential to balance potential gains with the inherent risks associated with investing in such highly volatile assets. My personal strategy involves diversifying investments across various cryptocurrencies and closely monitoring market trends to maximize profits while minimizing losses.

— Shibburn (@shibburn) December 29, 2024

As stated on Shibburn’s site, approximately 5.4 million SHIB tokens were destroyed within the past day, marking a staggering 972% surge in burning frequency. Currently, the value of SHIB has climbed by 2.92% over the last 24 hours to $0.000022 and has risen by 4% over the course of the week.

SHIB price faces upside resistance

Over the past two days, Shiba Inu has experienced a modest resurgence, following a small revival in the broader cryptocurrency market. However, even with this increase, Shiba Inu is still below significant resistance points, and it may require continued momentum to break through to higher prices.

Right now, the price of Shiba Inu is moving within a specific band, sandwiched between its Daily Simple Moving Average (SMA) 200 and SMA 50. Specifically, it’s at approximately $0.0000187 and can reach up to $0.0000259 according to the SMA 50.

As a seasoned crypto investor with years of experience under my belt, I have learned to read the charts carefully before making any investment decisions. Based on the current trend of Shiba Inu (SHIB), it appears that the token needs to surpass $0.0000223 in order to maintain its current rebound and show signs of recovery. This level of resistance at $0.000024 is strong, so if SHIB manages to break through, we could see a significant increase in price.

If SHIB breaks above both the 200 and 50 daily Simple Moving Averages (SMAs), it would suggest that Shiba Inu’s next move will be upward. A break above the 50 SMA specifically would indicate a strong recovery for Shiba Inu, potentially pushing the price up to $0.00003 or even $0.000033.

Of course, it’s important to remember that cryptocurrency markets are highly volatile and unpredictable, so this analysis should only be used as a guide. However, based on my observations and experience, I believe that SHIB has the potential for significant growth if it can break through these key levels.

Shiba Inu has dropped by 18.59% this month, which is its first decrease since September when it started an upward trend. As we approach the end of 2024, everyone is eager to see where the Shiba Inu’s price will go in the coming days.

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2024-12-29 18:42