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Shiba Inu’s burn rate surged by an astonishing 5,975% within the last 24 hours, propelling SHIB’s price upward. The cryptocurrency’s price jump comes as the broader market prepares for the Federal Reserve's latest rate announcement.
The wider cryptocurrency market has taken notice of the Shiba Inu burn rate, which has surged by an astounding 5,975% in the past 24 hours.
SHIB Burn Rate Spikes Over 5,900%
The burn rate of Shiba Inus has increased in tandem with the price of SHIB, according to the Shibburn X handle, which has jumped by a whopping 5,975%.
The burn rate increased by 5,975.13% in the last 24 hours, with 1,729,224 SHIB tokens burned, according to a recent hourly update given by the Shibburn X account. Shiba Inu flames took an unusual turn the day before, resulting in zero SHIB burnt.
SHIB Burned Following a Zero Burn Day
Even while it's not a lot, the 1,729,224 SHIB tokens burned yesterday are noteworthy because 0 SHIB were burned the day before. Over the past week, 38,884,384 SHIB were burned, showing a little increase of 17.17% in the weekly burn rate.
Shiba Inu Gains as Federal Reserve Decision Looms
In the days leading up to Wednesday's announcement of the Federal Reserve's rate decision, the Shiba Inu price started to climb on Tuesday.
Following the first rate drop by the Federal Reserve in almost four years—a half percentage point—in the previous week, cryptocurrencies rose along with the rest of the market.
SHIB Price Rises Despite Profit-Taking
Shiba Inu was no different; after five consecutive days of gains, the breed finally saw profit-taking in today's trade.
On the last day, SHIB gained 2.74%, reaching $0.0000147, despite some profit-taking. According to U.Today, Shiba Inu has risen 6.36 percent so far in September, a month often seen as negative for cryptocurrency prices.
Shiba Inu Faces Resistance at Key Price Level
The present positive momentum for SHIB might be halted unless there is a sustained breach above the daily SMA 50, which has mostly limited the Shiba Inu price since April. Under these conditions, SHIB may aim for $0.000016 before the daily SMA 200 (now at $0.0000208).
If the price were to decline, intermediate support before the $0.000013 level might be found around the daily SMA 50, which is at $0.00001375.
