The cryptocurrency market has been abuzz with activity, and Shiba Inu (SHIB) is at the center of attention with a remarkable surge in its burn rate. According to the Shibburn X handle, the meme-inspired token saw its burn rate skyrocket by an astonishing 5,975% over a 24-hour period. This dramatic increase in token burning coincides with a notable uptick in SHIB’s price, capturing the interest of investors and analysts alike.
The burning of 1,729,224 SHIB tokens in the past day marks a significant shift from the previous period where no tokens were burned. While the number of burned tokens might seem modest in isolation, it represents a substantial increase in the context of recent burn activity. This surge in burning comes as part of a broader positive trend for SHIB, with the weekly burn rate showing a 17.17% increase and a total of 38,884,384 SHIB burned over the past seven days.
SHIB’s price performance has been equally impressive, with the token experiencing five consecutive days of gains. This bullish momentum aligns with the broader cryptocurrency market rally, sparked by the Federal Reserve’s decision to cut interest rates by half a percentage point—the first such cut in over four years. Despite some profit-taking, SHIB has maintained a 2.74% increase over the last 24 hours, trading at $0.0000147 at the time of writing. Looking ahead, analysts suggest that breaking above the daily SMA 50 could propel SHIB towards the $0.000016 mark, with the potential to reach the daily SMA 200 at $0.0000208 if the bullish trend continues.
