SHIB Burn Rate Spikes 1,436% as Price Picks Up Momentum
2024-10-12

Shiba Inu SHIBUSD has recorded a significant uptick after struggling to break above the resistance level of $0.00001750. The dog-themed meme coin’s price shift follows an incredible spike in its burn rate. This metric has soared by 1,436% and is contributing to price stability.
Bullish sentiment builds as SHIB resistance is broken
Shibburn data shows that over 19 million SHIB have been sent to dead wallets. This raised the cumulative burned tokens to a staggering 410,730,888,039,931 SHIB. As of writing, a total of 583,534,897,373,752 SHIB tokens remain in circulation.
This has triggered bullish sentiments within the Shiba Inu ecosystem. Following the deflationary push, the price has climbed by over 5%. The previous resistance level has been broken, with the price momentarily coasting toward the next level of $0.000018.
Although the token’s price witnessed a correction down to its present level, SHIB has shown promise. Users remain optimistic that the meme coin will steadily climb to new levels if the current momentum is sustained.
As of this writing, data shows that Shiba Inu is changing hands for $0.00001797, representing a notable 5.42% rise in the last 24 hours.
Shytoshi Kusama's teasers fuel speculation
U.Today teased earlier that should SHIB’s price stay above the 100-day EMA, it will likely play a crucial role in regaining previously lost valuation. The meme coin has launched a comeback through a series of token burning over the past few weeks.
Meanwhile, Shytoshi Kusama, the enigmatic leader of the Shiba Inu team, dropped a teaser that recently fueled bullish sentiments in the ecosystem. In a series of X posts, Kusama teased Shibizens with a back-to-the-future message.
Notably, the message dwells on a new “friendshib” with a legendary car maker, DeLorean Motor Company. Although Kusama has not revealed the key details, the SHIB community has expressed excitement about the possibility of a sports car company partnership.