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Shiba Inu (<a href="https://crypto.news/price/shiba-inu/">SHIB</a>) has held firm above the $0.000008 psychological threshold amid sustained consolidation, with the protocol’s burn rate recently witnessing a massive 913% spike in 24 hours. 
SHIB’s current position demonstrates the dull but <a href="https://crypto.news/k33-research-crypto-markets-remain-steady-despite-binance-doj-settlement/">steady trend</a> within the broader crypto market. Notably, the market has remained in an elaborate consolidation pattern since Nov. 27, due to a lack of pivotal developments surrounding the crypto space. 
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 SHIB price – Nov. 30 | Source: Trading View
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Before this range-bound price structure, SHIB had recorded a discouraging 8.19% slump on Nov. 21, slipping to a three-week low of $0.00000761. However, the ensuing recovery, buoyed by the broader market, saw Shiba Inu surge to a local high of $0.00000866. 
Following the withdrawal of support from Bitcoin (<a href="https://crypto.news/price/bitcoin/">BTC</a>) and the broader crypto market, the bears have aimed to bring <a href="https://crypto.news/xrp-vs-shiba-inu-interpreting-price-trends/">Shiba Inu</a> back below the $0.000008 territory. However, the asset has formed a solid defense structure above this level, mounting a support structure at $0.00000805. 
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This price point has served as Shiba Inu’s last line of defense against a collapse below $0.000008. Should the bears breach this price, a slump below the $0.000008 territory could bring SHIB’s next support at Fib. 0.786 currently stationed at $0.00000789 on the daily timeframe. 
On the other hand, the asset’s mission to recover the elusive $0.000009 zone has met fierce opposition. As SHIB currently trades for $0.00000820, the Fibonacci 0.5 level at $0.00000836 has served as its most immediate roadblock. Above this level, the asset still has to overcome $0.00000856 and $0.00000880 to clinch $0.000009. 
<h2 class="wp-block-heading" id="shiba-inu-burn-rate-spikes-913">Shiba Inu burn rate spikes 913%</h2> 
Meanwhile, the dull price movements have not slowed the progress of the Shiba Inu burn campaign. Interestingly, SHIB has recorded an impressive 913% increase in burn rate, according to a recent disclosure from Shibburn, a community-driven burn tracking tool. 
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 HOURLY SHIB UPDATE<a href="https://twitter.com/search?q=%24SHIB&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$SHIB</a> Price: $0.00000821 (1hr -0.22% ▼ | 24hr -1.77% ▼ ) Market Cap: $4,837,980,927 (-1.82% ▼) Total Supply: 589,336,804,101,480 TOKENS BURNT Past 24Hrs: 82,887,109 (913.89% ▲) Past 7 Days: 410,538,485 (53.26% ▲)— Shibburn (@shibburn) <a href="https://twitter.com/shibburn/status/1730119517987070068?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">November 30, 2023</a>
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This 913% surge was triggered by burns totaling 82.89 million SHIB tokens over the last 24 hours. Most of these tokens, about 82.86 million, were incinerated in a single <a href="https://etherscan.io/tx/0xa3eb8b6f127fb3293f81863e0e8b81f87b5dcde2167568968c936e80c5ce1dc1" target="_blank" rel="noopener">transaction</a> involving an unknown wallet address five hours ago.&nbsp; 
Despite the massive spike in daily burn rate, data from Shibburn suggests that the increase in weekly burns has not been as impressive. With a 53% increase, the Shiba Inu protocol has witnessed burns totaling 410.5 million tokens in the past seven days. 
 Read more: <a href="https://crypto.news/pando-asset-officially-files-for-spot-bitcoin-etf-with-the-sec/"> Pando Asset officially files for spot Bitcoin ETF with the SEC </a>

SHIB holds steady above $0.000008, burn rate spikes 913% in 24 hours

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