CandleFocus Shiba Inu Burn Rate Skyrockets 5,975% as SHIB Price Jumps
2024-09-22
Author: Content Editor
The Dog-themed cryptocurrency Shiba Inu has experienced a significant surge in burn rate, with a 5,975% increase in the past 24 hours. This rise in burn rate corresponds with an increase in the SHIB price. In the last day, 1,729,224 SHIB tokens were burned, marking a noteworthy increase considering the previous day had no SHIB burned. Over the past week, 38,884,384 SHIB tokens were burned, showing a 17.17% increase in the weekly burn rate. Despite facing some profit-taking, SHIB has seen a 2.74% increase in the last 24 hours and a 6.36% increase in September. The Shiba Inu price may need to break above the daily SMA 50 for further bullish momentum, with potential targets at $0.000016 and the daily SMA 200 at $0.0000208. On the downside, the daily SMA 50 at $0.00001375 could act as intermediate support.
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