Shiba Inu’s Burn Rate Skyrockets by 38 Million Percent as SHIB Price Sees Volatility

• Shiba Inu’s burn rate surged by 38,199,412%, yet SHIB’s price showed mixed performance due to market volatility.
• Despite reaching an intraday high, SHIB’s price retreated, indicating cautious investor sentiment amid broader market profit-taking.
• Key price levels for SHIB include potential support at $0.000010 and resistance at $0.0000163, with market conditions influencing future moves.

Shiba Inu (SHIB) the dog-themed cryptocurrency saw an incredible 38,199,412% increase in burn rate, according to the Shibburn X account. In the past day alone, 39,345,498 SHIB worth approximately $5.3 million were burned. 

This surge has not gone unnoticed by traders and investors who see it as a sign of increased activity within the ecosystem.

Price Volatility Reflected in SHIB’s Price Movement

Although there was a surge in burn rate for Shiba Inu tokens, their price showed mixed trends over the last 24 hours. On Sunday morning during Asian trading hours, SHIB reached its intraday high so far this month at $0.00001468  good news for the coin that is now struggling to recover from May lows below $0.000006.

However, this upward movement was only short-lived and followed by profit-taking sales across other cryptocurrencies thus contributing to a decline in the value of Shiba Inus throughout Monday night until Tuesday morning where they settled around $0.00001395 which still represents a decrease of 0.34% over a day but also down by 1.10% weekly

Token Burn Impact on SHIB Price

It appears that recent events with regard to token burns may have shown us something about how prices move or don’t move.

As can be seen from what we just described above while burning millions more coins than ever before caused temporary spikes upwards in value,  these were quickly reversed suggesting people are wary after such dramatic swings up & down which is natural so then why did they even do this if no one wants them anymore?

Factors Influencing Performance of Markets for Shiba Inus

Apart from burning rates, there are various factors affecting the price trajectory for shibas including wider market conditions; sentiment among investors, and overall trends within crypto space at large.

Shibs demonstrated resilience when bouncing back off August fifth lows around $0.0000107 although bulls have been unable to break past resistances situated at a fifty-day average value of $0.0000163 and two-hundred-day moving averages priced at around $0.0000203.