Shiba Inu Burn Rate Skyrockets 5,975% as SHIB Price Jumps

Dog-themed cryptocurrency Shiba Inu has seen a significant surge in burn rate. Over the last 24 hours, the Shiba Inu burn rate has increased by a staggering 5,975%, a figure that has caught the attention of the broader cryptocurrency market.

According to Shibburn X handle, Shiba Inu's burn rate has skyrocketed by an astonishing 5,975%, corresponding with a rise in the $SHIB price.

Per a recent hourly update provided by Shibburn X handle, 1,729,224 $SHIB tokens were burned in the last 24 hours, marking a 5,975.13% surge in burn rate. On the day before the previous, Shiba Inu burns saw a bizarre turn with 0 $SHIB burned.

Thus, the 1,729,224 $SHIB tokens burned in the past day, although small, remain significant in the context that no $SHIB was burned in the day before the last.

The weekly burn rate was demonstrating a mild 17.17% rise with 38,884,384 $SHIB burned in the last seven days.

$SHIB price rallies

The Shiba Inu price began to rise last Tuesday, ahead of the Fed's rate decision announced Wednesday.

In the week just concluded, cryptocurrencies gained as part of a broader market rally after the Federal Reserve cut interest rates by half a percentage point for the first time in more than four years.

Shiba Inu was no exception, climbing for five days in a row before experiencing profit-taking in today's trading session.

Despite facing slight profit taking, $SHIB is up 2.74% in the last 24 hours to $0.0000147 at the time of writing. Shiba Inu is up 6.36% so far in September, a month considered bearish for cryptocurrencies.

On the upside, a sustained break above the daily SMA 50, which has largely constrained the Shiba Inu price since April, might be needed for $SHIB to continue its current bullish momentum. In this scenario, $SHIB might target $0.000016 ahead of the daily SMA 200 at $0.0000208.

In the event of a fall, the daily SMA 50 at $0.00001375 might act as intermediate support ahead of the $0.000013 level.