SHIB Burn Rate Soars 124% in a Week, Price Surges 8% Today

The SHIB token burn rate has increased, surging by 124.58% over the past week, with a total of 95.4 million tokens burned in that time frame. This intensified burn activity coincides with a price rise for the altcoin, which climbed by 8.29% in the last 24 hours, peaking at $0.00001853.

Following this positive price action, the intraday market cap for Shiba Inu now stands at approximately $10.92 billion, up 8.31% as demand gains momentum. In the past day alone, 9.76 million SHIB tokens were removed from circulation, sustaining investor optimism about deflationary trends in the token’s economy.

HOURLY SHIB UPDATE$SHIB Price: $0.00001853 (1hr 1.61% ▲ | 24hr 8.29% ▲ )
Market Cap: $10,922,468,325 (8.31% ▲)
Total Supply: 589,268,689,236,397

TOKENS BURNT
Past 24Hrs: 9,762,549 (0% ▲)
Past 7 Days: 95,421,295 (124.58% ▲)

— Shibburn (@shibburn) October 29, 2024

Despite the burn, the total SHIB supply remains at 589.27 trillion tokens. This burn rate and price spike indicate growing market interest and a probable bullish sentiment surrounding the cryptocurrency. Yet the key question lingers: Is the $0.000020 resistance level sustainable this time, or will Shiba Inu face a correction soon?

52% of SHIB Holders are in Profit as Price Nears Resistance

The surge in Shiba Inu’s burn rate and recent price uptick have contributed to renewed interest in the token. However, as per the “Global In/Out of the Money” analysis, only 52.28% of SHIB holders are currently in profit, holding positions that are “In the Money.”

This amounts to approximately 709.63K addresses, while 618.24K addresses, or 45.54% of holders, are still “Out of the Money,” indicating unrealized losses. Nonetheless, a small fraction of 2.18% of holders is “At the Money,” signifying neutral positions around the current price level of $0.000018.

Focusing on addresses that bought SHIB between $0.000015 and $0.000020, nearly 56.65% of holders in this range are in profit, with 77,490 addresses experiencing gains. This subset of holders, closely aligned with the recent price range, indicates a substantial portion of the market experiencing gains from recent price spikes.

However, only 0.71% of these addresses are “at the money,” underscoring a concentration of break-even points near the current price. With an 8% surge today, the cryptocurrency’s price is edging closer to the $0.000020 resistance, a level where 42.64% of recent buyers could face potential losses, suggesting that this resistance will be critical in determining whether the recent rally continues or faces correction.

Can SHIB Surpass the $0.000020 Barrier?

From a technical perspective, key market indicators edge towards a bullish scenario, with strong momentum and increasing trading volume supporting the possibility of surpassing this critical resistance level. The RSI index is one indicator highlighting a positive price action with its RSI line positioned at 55.75 above the signal line.

This indicates ample space for the SHIB cryptocurrency to gain further before reaching overbought conditions. In addition, the MACD index cements this outlook as it hints at a bullish crossover with its signal line. Given this positive technical setup, investors may see the $0.000020 barrier as a potential launching pad for SHIB to continue its upward trajectory in the near term.

A breach above it could push the cryptocurrency to challenge the $0.000021 threshold, last touched on September 28, by the end of October. Conversely, failure to break above the $0.000020 barrier could lead to a retest of support levels around $0.0000166 and $0.0000153.

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