The token burns for the dog-themed cryptocurrency Shiba Inu (SHIB) have increased significantly, rising by an astounding 192% in the previous day. Millions of SHIB tokens have been taken out of circulation due to the recent spike in burns, and the Shiba Inu community is participating in the action to instill scarcity.
As to the Shibburn X account, the burn rate increased by 207.81% in the previous 24 hours, with a total of 4,796,486 SHIB tokens consumed.
Amidst weak trading activity in Bitcoin and other major cryptocurrencies, including SHIB, the market is keenly awaiting a dramatic price move, which coincides with this noteworthy surge in SHIB token burning.
https://x.com/shibburn/status/1797206570578657784
The lacklustre performance of Bitcoin this week, which has mostly stayed in the $67,000–$69,000 range, has been accompanied by difficulties with other risky assets, like US equities.
Profit-taking is also evident in Shiba Inu, which is down into its fourth day following a strong increase earlier in the week.
Shiba Inu increased by as much as 20% to hit highs of $0.0000294 on May 29 following three days of gains. The dog-themed currency is currently going through a profit-taking period, meanwhile, as investors try to cash in on their remarkable rise.
As of this writing, SHIB has dropped 2.18% in the previous day to $0.00002473, after a general market sell-off that had seen the majority of cryptocurrencies trade lower.
The way the market responds to this current profit-taking phase might play a significant role in deciding the short-term price trend of SHIB. Should purchasers absorb the selling pressure, the price may either stabilise or perhaps continue to rise. However, if the profit-taking triggers a longer-lasting sell-off, the SHIB price may challenge its support levels.
In this case, keeping Shiba Inu above the daily SMA 50 at $0.00002454 may be essential to preserving the upward price trend of SHIB and averting more losses.
