Shiba Inu’s Burn Rate Skyrockets By Over 300% In 24 Hours

• About 342,020,540 SHIB tokens were burned over the past 24 hours, which was a 300+% increase from the previous day.
• This could suggest that community support for the meme coin is picking up again.
• If buyers identify SHIB’s current price as a buy opportunity, it may flip the $0.00000855 resistance into support.

Over the past day, about 342,020,540 Shiba Inu (SHIB) tokens were burned, according to a post shared by the SHIB burn tracker Shibburn. Notably,this was a more than 300% increase in the meme coin’s burn rate over the past 24 hours.

Meanwhile, about 1,872,812,412 SHIB has been burned over the past week, which was a 56.5% decrease from the previous seven days. This data from Shibburn could suggest that community support for the meme coin is picking up again. Given the recent selloff that Pepe (PEPE) experienced, investors most likely jumped ship and bought into SHIB as well.

SHIB’s price performance was also starting to reflect the same sentiment as it started moving in a positive direction. According to CoinMarketCap, the meme coin saw its price increase by 0.91% over the past 24 hours of trading.

Consequently, SHIB was being exchanged at $0.000008167, a value in close proximity to its highest point of the day, which was $0.00000822. Nonetheless, there was a reduction of over 20% in SHIB’s trading volume over the 24-hour period, resulting in a total volume of $121.47 million at press time.

From a technical perspective, SHIB’s price had been in a consolidation phase between $0.00000781 and $0.00000855 during the past week. If the altcoin’s price breaks below $0.00000781 within the next few days then it may challenge the positive trend line that had formed on its daily chart. Continued sell pressure could result in SHIB testing $0.00000697.

On the other hand, if buyers identify SHIB’s current price as a buy opportunity, then it may flip the $0.00000855 resistance into support. Thereafter, it could potentially continue to climb to the next significant mark at $0.00001027 in the following week.

Investors and traders will want to take note of the fact that short-term momentum shifted in favor of sellers. This was after the 9-day EMA line broke below the 20-day EMA line throughout the past few days. Furthermore, the 20-day EMA line was attempting to cross below the 50-day EMA line, which may lead to SHIB dropping to $0.00000697.

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