Shiba Inu (SHIB) token burn rate surged significantly, increasing by as much as 1,344%.
The surge in token destruction activity comes at a critical time for SHIB investors as there are signs that the cryptocurrency’s price dynamics may be changing. Reports show that 135,451,536 SHIB tokens worth $3,868.50 were burned in 12 transactions over the past 24 hours. The surge in SHIB’s destruction rate is particularly noteworthy as it has increased by a massive 1,344.14%.
The recent increase in token destruction activity is consistent with the growing speculation about the price trajectory of Shiba Inu. Given the recent price stability of SHIB, investors remain vigilant and watch the market for signs of potential increases or significant price movements.
The broader cryptocurrency market saw renewed bullish momentum over the weekend, with Bitcoin and other major cryptocurrencies reclaiming key resistance levels after a period of decline. SHIB also joined the rally, enjoying a three-day uptrend starting on April 6 before profit-taking.
As of the latest update, SHIB has fallen 1.83% in the past 24 hours and is trading at $0.00002827. Analysts believe that the next resistance level for SHIB is between $0.000031 and $0.000036, supported by heavy buying activity from 137,600 addresses at an average price of $0.000033. Conversely, if the price of SHIB falls further, the next support level is expected to be between $0.000025 and $0.000027.
