Shiba

bullish

Burn

Resistance

Shiba Inu

<figure> 
 <figcaption>
  Cover image via <a href="https://u.today/">U.Today</a>
 </figcaption> 
</figure>
<p dir="ltr">Dog-themed <a href="https://u.today/200-billion-shiba-inu-shib-suddenly-land-in-top-us-exchanges-wallet">Shiba Inu</a> (SHIB) has recorded a spike in burn rate as the meZXcoin battles to breach key price resistance levels. In the last 24 hours, the burn rate has skyrocketed by a staggering 1,323%.</p>
<h2 id="shib-price-surge-amid-high-burn-rate">SHIB price surge amid high burn rate</h2>
<p dir="ltr">According to<a href="https://www.shibburn.com/">Shibburn</a>, 34,912,694 SHIB were sent to dead wallets. This move highlights the community’s effort to support the ecosystem's price stabilization and maintenance of a bullish run. This key metric functions as a deflationary indicator within the SHIB ecosystem.</p>
<p dir="ltr">This has pushed Shiba Inu’s total incinerated tokens to 410,737,190,695,584 SHIB. Despite the staggering amount sent to dead wallets, 583,626,103,611,906 SHIB remain in circulating supply. This suggests that many deflationary measures still need to be taken to reduce tokens in circulation further.</p>
<img src="https://u.today/sites/default/files/inline-images/photo_2024-11-09_13-13-42.jpg" data-entity-uuid="28a4d770-2905-48fe-a61f-5aad192bd03d" data-entity-type="file" data-caption="<a href=&quot;https://www.shibburn.com/&quot;>SHIB Burn Chart Via Shibburn</a>">
<p dir="ltr">Reducing the token supply increases the value of the meme coin. As of this writing, the SHIB market <a href="https://coinmarketcap.com/currencies/shiba-inu/">price</a> has climbed by 2.86% to $0.00001945. This represents a significant rise, as market volatility caused the meme coin to drop as low as $0.00001850 before rebounding.</p>
<p dir="ltr">The burn effort appears to have positively impacted SHIB’s price as the token momentarily traded at $0.00001965 before seeing a slight drop.</p>
<p dir="ltr">Experts project that if the community sustains the deflationary measure, SHIB could breach the $0.000020 resistance level, which would put the token in a position to hit an all-time high.</p>
<h2 id="trading-volume-and-investor-sentiment-remain-crucial">Trading volume and investor sentiment remain crucial</h2>
<p dir="ltr">As <a href="https://u.today/shiba-inu-shib-hits-30-day-high-is-ath-next">reported earlier by U.Today</a>, SHIB recently achieved a 30-day high with projections for greater levels. This optimism lies in investors’ interest in the meme coin’s recent performance as bullish sentiments sweep the broader cryptocurrency market.</p>
<p>Analysts, however, pointed out that for SHIB to maintain an upward trajectory, it must sustain its <a href="https://u.today/shiba-inu-shib-jumps-40-in-volume-as-bulls-eye-golden-cross-breakout">trading volume</a>. As of this writing, SHIB’s market volume has registered an uptick of 21.88% to $630.49 million.</p> <a href="https://u.today/shiba-inu-shib-burn-rate-skyrockets-1323-as-price-tackles-key-resistance">Read original article on U.Today</a>

Shiba Inu (SHIB) Burn Rate Skyrockets 1,323% as Price Tackles Key Resistance

Table of Contents

U_Today

Other articles published on Nov 9, 2024

Investors Drive Interest in Polkadot Token Following US Election Results

Tether Reveals Company Asset Reserves Amid Scrutiny

Trump Effect: XRP Price Prepares for Explosive Growth!

How Did Altcoin Captivate 200K X1 App Users and 70K TG Tap Miners, What’s New with XRP’s & Cardan...

Market Experts Eye This Hidden Gem for 5500% Gains as Major Players Like UNI and LINK Rebalance

SHIB eyes a new ATH, positioning itself as the safest bet of Q4 2024

Join our free newsletter for daily crypto updates!