• Shiba Inu has spiked by 4.36%, over the past 24 hours.
  • The burn rate of SHIB soared to 1,088%, 98,136 SHIB tokens were burnt.

The global crypto market cap is briefly up by 2.72%, reaching $2.16T over the last day. Along with, the meme coin market is moderately priced in green, and several meme coins have spiked from their recent lows. Among them, the dog-themed meme coin, Shiba Inu ( SHIB ), has seen a price recovery of 4.36% over the past 24 hours. 

Shiba Inu started the day trading at $0.00001392, and at press time, trading at $0.00001426. Meanwhile, the meme coin’s daily trading volume has increased by over 17%, standing at $204 million, and the market cap stays at $8.45 billion, according to CMC data .

On the other hand, a significant increase of 1,088% was observed in the SHIB’s burn rate, a total of 98,136 SHIB tokens were burned, in the 24 hours. To date, the Shiba Inu ecosystem has burned a total of 410,727,974,958,933 SHIB, leaving over 583.42 trillion SHIB left in circulation.

Will SHIB Continue the Rally?

Zooming in at the past month, SHIB has declined considerably by 19.75%. The asset fell from a high of $0.00001746 to a low of $0.00001108 and faced several resistances and support. Over the last seven days, the meme coin was up by over 5%. As days passed, the SHIB price dropped to a low of $0.00001298. 

Shiba Inu’s 24-hour price action suggests that if the meme coin is likely to maintain the bullish momentum, the initial resistance will be tested at $0.00001509. In contrast, if SHIB fails to hold above the initial resistance, the price might drop to $0.00001343.

SHIB price chart (Source: TradingView )

Besides, the asset is approaching the neutral zone as the daily relative strength index (RSI) stands at 48.78. The short-term 9-day MA and the long-term 21-day MA are at $0.00001356 and $0.00001369, below the current price momentum.

Disclaimer: The opinion expressed here is solely the author’s. It does not represent investment advice. TheNewsCrypto team encourages everyone to do their own research before investing.

Highlighted Crypto News

Singapore DBS Bank Launches Blockchain Issued Government Grants Pilot