Shiba Inu Burn Rate Suddenly Jumps 322%, SHIB Price Approaches Key Support

Per the Shibburn website, the burn rate of Shiba Inu has suddenly increased by 322%. The Shiba Inu burn rate was down earlier, as reported by U.Today. This shows that burning activities are resuming across the board, although the amount of SHIB burned remains lower than usual.

The recent Shiba Inu rally shifted investors’ attention to buying and hodling, leading to a decrease in the amount of Shiba Inu being sent to dead wallets. Over the weekend, Shiba Inu posted an impressive rise, gaining more than 35% in one swoop.

In the past 24 hours, there have been a total of 64,506,471 $SHIB tokens burned and 10 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy

— Shibburn (@shibburn) August 18, 2022

The Shib Burn Twitter handle reports a small amount of 64,506,471 SHIB tokens burned in 10 transactions. Aside from this, a few million SHIB were sent to dead wallets in different transactions in recent hours. In the last hour, 4,854,572 SHIB tokens were burned in a single transaction.

Shiba Inu nears key support

Shiba Inu may be forming a tight bull pennant for a possible breakout followed by parabolic upside moves. “Nearest target will be $0.00002050, although with parabolic moves price could breach any resistance as long as buying momentum persists,” Bitrue analysts noted.

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A bull pennant is a triangular flag shape that signals a continuation. At the time of publication, Shiba Inu was trading down 5.81% at $0.0000146. It remains 17% up weekly.

Shiba Inu’s price dipped to lows of $0.00001457 before slightly retracing. This is a hair above the $0.00001435 level, which marked a barrier confirmed in May. Shiba Inu seems to be in the process of converting this key level into support if the price sustains at current levels.

The relative strength index, a momentum indicator, might suggest that the Shiba Inu price might be poised for a short-term move. The indicator is currently above the 60 level, which suggests an edge to buyers in the meantime. If buyers emerge at current prices, the barrier remains at $0.000018 and above it at $0.000021. In the case of further declines, SHIB might find support near $0.000012.