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Shiba Inu’s burn rate skyrocketed by 1,009%, eliminating 11.9 million tokens in the last 24 hours. The SHIB price is now testing the critical $0.000014 mark as bulls seek to break through key resistance in a rapidly recovering crypto market.
SHIB Burn Rate Explodes by 1,009%
Shiba Inu (SHIB) has seen its burn rate increase dramatically, increasing by a whopping 1,009% along with the token's price.
A total of 11,899,510 SHIB tokens have been burned in the past 24 hours, marking a rise of 1,009.27%, as reported by the Shibburn. The burn rate rise couldn't have come at a better time, given the recent uptick in the value of Shiba Inu.
Shiba Inu Reflects Bitcoin-Led Market Recovery
As Bitcoin and the cryptocurrency market as a whole continued their earlier recovery, Shiba Inu hit the $0.000014 milestone in weekend trade.
Bitcoin's price reached a new all-time high of $60,770 on Friday, its highest level since early September, as investors hoped for a massive rate announcement at the Federal Reserve's next meeting.
The price of SHIB increased 1% to $0.0000137 in the past 24 hours and 6% in the past week, as reported by U.Today. After falling to a low of $0.00001231 on September 6, Shiba Inu began to rise and has been in the green for six days running up until it encountered resistance near $0.000014.
The bulls have been holding firm for the previous day, but the buyers are currently attempting to push Shiba Inu over the daily SMA 50 at $0.000014.
Bulls Push SHIB Toward Key Resistance at $0.000016
Keep an eye out for a clear breakout over the important resistance at the daily SMA 50, which is $0.000014, if you're looking for an upside. Buyers need to break over this barrier before SHIB can acquire momentum and rocket to $0.000016.
This level is expected to be crossed, even if the bears attempt to obstruct the upward trend. After this is done, Shiba Inus can try to break through the $0.00003 level and go for the $0.000021 level at the daily SMA 200.
The bears, in contrast, may try to bolster their position by pushing SHIB prices lower than the $0.000013 support level. If they are successful, it will signal that the bears have returned. Next, SHIB might hit $0.000011, and after that, $0.000010.
