The burn rate of Shiba Inus is increasing by a significant 150%, a phenomenon that is still of interest as of this writing. It is important to recognise that the burn rate percentage is by its very nature dynamic, liable to abrupt and erratic fluctuations. As such, the figure you may be viewing right now may not be the same as it was an hour ago.
Even with this significant rise in burn rate, the price of SHIB doesn’t seem to be impacted by this specific incident. Certain evidence suggests that, contrary to expectations, there hasn’t been a notable price increase as a result of the burning of SHIB tokens.
Millions of tokens have been moved to dead wallets as a result of the burn transactions, which have showed significant activity. However, the market has not responded enthusiastically in terms of price movement.
Important resistance and support levels that are essential to comprehending the present market behaviour are visible on the SHIB price chart. The price has tested the local resistance level at about $0.00000971, but it hasn’t decisively broken through. Conversely, the token has found support at the $0.00000899 threshold, a level that has offered some price stability in the last several trading sessions.
Further information may be obtained by closely examining the chart indicators. The 200-day MA, represented by the black line, and the 50-day moving average are crucial for assessing the trend. The price is now trading in between these two moving averages, indicating a moment of consolidation without a discernible trend.
Furthermore, SHIB is neither overbought nor oversold, according to the RSI, which is circling the 44.46 level. As a result, there are no instant signs for a price breakthrough or crash.
