Shiba

Bank

bullish

Pilot

Shiba Inu

<ul>
 <li>Shiba Inu has spiked by 4.36%, over the past 24 hours.</li>
 <li>The burn rate of SHIB soared to 1,088%, 98,136 SHIB tokens were burnt.</li>
</ul>
The global crypto market cap is briefly up by 2.72%, reaching $2.16T over the last day. Along with, the meme coin market is moderately priced in green, and several meme coins have spiked from their recent lows. Among them, the dog-themed meme coin, Shiba Inu (<a href="https://thenewscrypto.com/shiba-inus-automated-burn-portal-shibtorch-goes-live-on-shibarium/" target="_blank" rel="noopener noreferrer nofollow">SHIB</a>), has seen a price recovery of 4.36% over the past 24 hours.&nbsp;
Shiba Inu started the day trading at $0.00001392, and at press time, trading at $0.00001426. Meanwhile, the meme coin’s daily trading volume has increased by over 17%, standing at $204 million, and the market cap stays at $8.45 billion, according to CMC <a href="https://coinmarketcap.com/currencies/shiba-inu/" target="_blank" rel="noopener noreferrer nofollow">data</a>.
On the other hand, a significant <a href="https://www.shibburn.com/" target="_blank" rel="noopener noreferrer nofollow">increase</a> of 1,088% was observed in the SHIB’s burn rate, a total of 98,136 SHIB tokens were burned, in the 24 hours. To date, the Shiba Inu ecosystem has <a href="https://thenewscrypto.com/is-shiba-inus-burn-rate-decline-a-sign-of-trouble-ahead/" target="_blank" rel="noopener noreferrer nofollow">burned</a> a total of 410,727,974,958,933 SHIB, leaving over 583.42 trillion SHIB left in circulation.
<h3 class="wp-block-heading" id="h-will-shib-continue-the-rally">Will SHIB Continue the Rally?</h3>
Zooming in at the past month, SHIB has declined considerably by 19.75%. The asset fell from a high of $0.00001746 to a low of $0.00001108 and faced several resistances and support. Over the last seven days, the meme coin was up by over 5%. As days passed, the SHIB price dropped to a low of $0.00001298.&nbsp;
Shiba Inu’s 24-hour price action suggests that if the meme coin is likely to maintain the bullish momentum, the initial resistance will be tested at $0.00001509. In contrast, if SHIB fails to hold above the initial resistance, the price might drop to $0.00001343.
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXerzs1fi_mWchK7z_uU5-taqVeUN2PSIltGgFEgJKGePodQ8fvIAgQ2L82GsWPcnLK4Fjfr-p1voriP0lcUO9LxsTQWlMdVck5JpCu840KfbEaas-kaX077WndYNSx9RBNJjlMhz6F9EMFqaSfq4rLGmqal?key=P5VQWDY5d93KvmV8jdVTlw" alt="">
 <figcaption class="wp-element-caption">SHIB price chart (Source: <a href="https://in.tradingview.com/symbols/SHIBUSDT/" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>)
 </figcaption>
 </figure>
</div>
Besides, the asset is approaching the neutral zone as the daily relative strength index (RSI) stands at 48.78. The short-term 9-day MA and the long-term 21-day MA are at $0.00001356 and $0.00001369, below the current price momentum.
Disclaimer: The opinion expressed here is solely the author’s. It does not represent investment advice. TheNewsCrypto team encourages everyone to do their own research before investing.
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Can Shiba Inu (SHIB) Keep Up the Pace?

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