Shiba

Burn

Bitcoin

Shiba Inu

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Dog-themed cryptocurrency <a href="https://u.today/shiba-inu-shib-skyrockets-367-in-bullish-whale-activity-surge" rel="noopener noreferrer nofollow">Shiba Inu (SHIB)</a> is experiencing a remarkable surge in its burn rate, skyrocketing by an impressive 1,009% as the token's price sees a notable uptick.
According to the <a href="https://x.com/shibburn/status/1834713719076454876" rel="noopener noreferrer nofollow">Shibburn X handle</a>, 11,899,510 SHIB tokens have been burned in the last 24 hours, representing a 1,009.27% surge. The timing of the burn rate spike could not have been better, as Shiba Inu's price has experienced a positive move in the market.
<blockquote>
 HOURLY SHIB UPDATE<a href="https://twitter.com/search?q=%24SHIB&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$SHIB</a> Price: $0.00001406 (1hr 0.86% ▲ | 24hr 5.30% ▲ )Market Cap: $8,291,010,639 (5.40% ▲)Total Supply: 589,271,242,705,960TOKENS BURNTPast 24Hrs: 11,899,510 (1009.27% ▲)Past 7 Days: 18,820,775 (-96.6% ▼)— Shibburn (@shibburn) <a href="https://twitter.com/shibburn/status/1834713719076454876?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 13, 2024</a>
</blockquote>
Shiba Inu touched the $0.000014 level in weekend trading as Bitcoin and the general crypto market extended an earlier rebound.
Bitcoin's price surged on Friday, reaching $60,770, its highest level since the beginning of September, as traders got hopeful that the Federal Reserve's next meeting might provide a jumbo-sized rate.
<h2 id="shib-price-action">SHIB price action</h2>
At the time of writing, SHIB was up 1% in the last 24 hours to $0.0000137 and up 6% weekly.
Shiba Inu started rising after hitting lows of $0.00001231 on Sept. 6, and since this date has marked six out of seven days in green until the price ran into resistance near $0.000014. <img alt="TradingView" data-entity-type="file" data-entity-uuid="db785da1-afb1-4f1d-b9c3-7470685941df" src="https://u.today/sites/default/files/inline-images/14092024%200000.png"><a href="https://www.tradingview.com/x/oOhAsLYm/" rel="noopener noreferrer nofollow">SHIB/USD Daily Chart, Courtesy: TradingView</a>
Currently, buyers are trying to push Shiba Inu above the daily SMA 50 at $0.000014, a tussle that has been since the past day, but bears have not relented.
On the upside, a decisive break above the critical resistance at the daily SMA 50 at $0.000014 might be key to watch out for. If buyers surpass this hurdle, SHIB might gain traction and surge to $0.000016.
The bears may try to block the upward trend at this level, but it is projected to be crossed. If this is accomplished, Shiba Inu may then aim for the $0.000021 level at the daily SMA 200, which is ahead of the $0.00003.
On the other hand, the bears might attempt to strengthen their position by driving SHIB prices below the $0.000013 support level. If they succeed, it will indicate the return of the bears. SHIB may then fall to $0.000011, and eventually to $0.000010.

SHIB Burn Rate Surges 1,009% Amid Shiba Inu Price Jump: Details

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