The dog-themed cryptocurrency Shiba Inu (SHIB) surged by 10% in the last 24 hours, experiencing a notable price increase despite a relatively small token burn of around 39 million SHIB within the same timeframe. According to data from the Shibburn platform, a total of 39,593,693 SHIB tokens were permanently removed from circulation in the past day. This burn marks a substantial 305% increase in the burn rate from the previous 24 hours. Notably, a single transaction accounting for about 38 million SHIB made up the majority of the burn, transferring these tokens to an inactive wallet. Shibburn’s latest post on X confirmed that this specific transaction sent exactly 38,126,361 SHIB to a dead wallet.
Price Reaches $0.00001867 Despite Modest Burn Activity
As of the latest update, SHIB’s price rose by 9.59%, reaching $0.00001867. This recent price hike suggests that factors beyond the burn rate may be driving demand. Broader market trends and speculative trading appear to be additional influences, given the minor burn amount compared to the total supply.
Related article: Shiba Inu Sees Whale-Induced Growth: What’s Next for SHIB?
SHIB’s growth aligns with broader crypto market gains, particularly as Bitcoin crossed $71,000 for the first time since June. This rally came amid a surge in capital flowing into Bitcoin exchange-traded funds, which may have further bolstered other meme coins, including SHIB and similar dog-themed tokens.
Resistance and Support Levels
Following three days of gains after a dip last Friday, SHIB bounced back from a low of $0.0000158 and surpassed its daily simple moving average (SMA) at $0.0000186. Early trading on the current day saw SHIB hit a peak of $0.000019.
Related article: Shiba Inu Rally Sparks Interest: Is SHIB Poised for a Bullish Breakout?
On-chain metrics show this price range held significant importance, with approximately 425.08 trillion SHIB held by 44,060 wallets in the range between $0.000017 and $0.000019. For SHIB to sustain its upward trend, it would need to firmly break above the current resistance range.
If this occurs, SHIB could aim for higher levels, potentially reaching $0.0000216 and later targeting $0.000029. However, if SHIB falls below $0.0000158, it may drop further within its established range, with a key support level around $0.0000107.
