CandleFocus SHIB Burn Rate Spikes 1,436% as Price Picks Up Momentum
2024-10-12
Author: Content Editor
The cryptocurrency Shiba Inu (SHIB) has experienced a significant increase in price after struggling to break a resistance level. This price shift is attributed to a sharp increase in the burn rate of SHIB tokens, with over 19 million tokens sent to inactive wallets. The cumulative number of burned tokens now stands at over 410 trillion SHIB. This development has sparked bullish sentiment within the Shiba Inu community, leading to a 5% increase in price and a break of the previous resistance level. The price is currently hovering around the $0.000018 level. Despite a correction in price, users are optimistic that the momentum will continue to drive the price higher. SHIB is currently trading at $0.00001797, reflecting a 5.42% increase in the last 24 hours. The Shiba Inu team has also created excitement by teasing a potential partnership with the car company DeLorean Motor Company.
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