Shiba Inu (SHIB) Burn Rate Surges Over 16,000%: Can This Community-Driven Effort Boost Prices?

Shiba Inu (SHIB) Price Set to Skyrocket: Analysts Predict $0.0002 Surge

The Shiba Inu community has collectively burned a staggering 21,500,154 SHIB tokens in the last 24 hours, representing a 16,593% increase compared to the previous day’s burn activity. This strategic initiative aims to reduce the circulating supply of SHIB, potentially leading to price appreciation.

Source| Shibburn

Market Conditions Impact SHIB

Meanwhile, the broader cryptocurrency market has experienced a period of muted trading, with Bitcoin remaining stagnant in the $67,000-$69,000 range since last week. This market trend has led to risk aversion among investors, impacting the performance of various cryptocurrencies, including Shiba Inu.

Recent Price Movements

SHIB Price Chart. Source| TradingView

Earlier this week, SHIB enjoyed a three-day rally, culminating in a 20% price increase that pushed it to highs of $0.0000294. However, this impressive surge was followed by a period of profit-taking, as investors cashed in on their gains. Currently, SHIB is down 2.02% in the last 24 hours, trading at $0.00002489.

Importance of Technical Support

Maintaining a price above the daily Simple Moving Average (SMA) 50 of $0.00002439 is crucial for SHIB to preserve its upward momentum and prevent further losses. This technical support level will be crucial in determining the short-term price direction for the cryptocurrency.

Community-Driven Initiatives

The recent increase in burn rate signifies a proactive approach by the Shiba Inu community to counteract profit-taking and potentially drive future price increases through a reduced circulating supply. This community-driven initiative aims to positively impact SHIB’s price trajectory.

Future Price Trajectory

The market’s reaction to the current burn initiative and the overall cryptocurrency market sentiment will be pivotal in determining SHIB’s short-term price direction. If existing buy orders can absorb the selling pressure, the price may stabilize or resume its upward trajectory. Conversely, if the profit-taking snowballs into a sustained sell-off, it could threaten crucial support levels for SHIB.

Read Also: Shiba Inu Stages Impressive Rebound from 50 EMA: What’s Next?

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Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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