In an intriguing development within the Shiba Inu (SHIB) ecosystem, the SHIB burn rate has surged dramatically by a staggering 1,344%.
This remarkable increase in token-burning activity comes at a key moment for SHIB investors, as the price of the dog-themed cryptocurrency appears to be on the verge of a significant shift.
According to the Shibburn X handle, 135,451,536 SHIB tokens were burned in 12 transactions in the past 24 hours. This amounted to $3,868.50 in monetary terms, with the SHIB burn rate soaring by a whopping 1,344.14%.
In the past 24 hours, there have been a total of 135,451,536 $SHIB tokens burned and 12 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. pic.twitter.com/Dls1G9gKzA
— Shibburn (@shibburn) April 9, 2024
The timing of the surge in the SHIB burn rate coincides with growing speculation surrounding Shiba Inu’s price trajectory.
With SHIB’s price cooling off in recent weeks, investors are closely monitoring the market for signs of a potential breakout or significant price movement.
The broader cryptocurrency market saw renewed bullish momentum over the weekend, with Bitcoin and other major cryptocurrencies recovering to reclaim key resistance levels. SHIB was not left out, rallying for three days in a row beginning April 6 before succumbing to profit-taking.
At the time of writing, SHIB was down 1.83% in the last 24 hours to $0.00002827. On the upside, Shiba Inu’s next resistance lies between $0.000031 and $0.000036, where 20.96 trillion SHIB were bought by 137,600 addresses at an average price of $0.000033.
On the other hand, if the price of SHIB falls further, the next support level is between $0.000025 and $0.00027, where 33.39 trillion SHIB were bought by 46,930 addresses at an average price of $0.000026.
Shiba Eternity update
Shiba Inu team member Lucie provided a little update from the Shiba Eternity team. As previously reported, the SHIB CCG game Shiba Eternity has received a much-anticipated update, causing excitement throughout the community.
Lucie reports that the first edition of the Shiba Eternity project is up and running, having been improved with new updates. She adds that there will be no slowing down as Shiba Eternity continues to introduce new features and refine the system.
Lucie adds that the community can expect some exciting updates to kibbles and Shiboshis, as well as new cards and a breeding system for Shiboshis, while noting that things are moving quickly with the Shiba Eternity play-to-earn version now closer than ever.
