Dog-themed cryptocurrency Shiba Inu (SHIB) has seen a surge in burn rate within the last 24 hours. According to the Shibburn X account , 30,067,245 SHIB tokens were burned in the last 24 hours, representing a 951.63% surge in the daily burn rate.
A total of 90,978,818 SHIB were burned in the last seven days, yielding a 40% surge in the weekly burn rate. Despite the surge in burn rate, Shiba Inu's price has seen a decrease in the last 24 hours. At the time of writing, SHIB was down 8% daily to $0.00002105, suggesting that other forces might be at play influencing SHIB price rather than burns.
Shiba Inu's price dip follows profit-taking in the market, with most meme coins taking a hit. Meme coins have racked up larger losses in the last 24 hours, with Shiba Inu and Dogecoin down as much as 7%; PEPE coin and WIF down almost 14% and floki down over 12%. Surprisingly, certain meme coins have held up well in the green, with a few posting significant gains.
SHIB price takes hit
Shiba Inu experienced a significant increase in Friday's trading session, increasing from a low of $0.000022 to $0.0000246. SHIB's rally continued on Saturday, reaching highs of $0.00002497 before buyers started taking profits.
The profit-taking caused SHIB to dip to lows of $0.00002232 in Saturday's session; however, bears were unrelenting, pushing SHIB lower in Sunday's session. Shiba Inu reached lows of $0.00002033 near where it currently trades.
In the event the declines continue, support is envisaged at $0.0000196, which halted SHIB price declines on Jan. 13 ahead of the daily SMA 200 at $0.00001914. The daily RSI has plunged below the midpoint, indicating a slight edge to the bears.
Going forward, bulls would confront resistance at $0.000025 near the daily SMA 50 if prices rebound, before moving on to $0.00003 and $0.000033. Shiba Inu has broadly consolidated within its daily moving averages of 50 and 200 since December 2024. A break in either direction might shape Shiba Inu's price trajectory in the days ahead. This said, Shiba Inu might continue in range trading before its next major move.
