Shiba Inu Coin (SHIB), one of the most trending meme currencies, has demonstrated an upward movement in the past day. Data from CoinMarketCap revealed that the price of SHIB rose by 1. 38%, reaching $0. 00002528. The coin’s value had a minimum of $0. 00002409 and a high of $0. 00002522 during this period.

At the time of writing this, the market capitalization of Shiba Inu (SHIB) is $14. 94 billion, up by 1.64%  over the last 24 hours. Over the past 24 hours, the volumes have also increased by 36. 30%, reaching $494. 51 million, which shows that the market was more active and investors were more interested in investing.

The circulating supply of Shiba Inu is noted to be 589. 27 trillion SHIB, with the total amount of Shiba Inu close to 589. 57 trillion SHIB.

Significant Increase in SHIB Token Burns Reflects Community’s Efforts

The recent surge in the number of burnt tokens indicates an increased burn rate. In the last 24 hours, the Shiba Inu token burn rate has surged 192% meaning millions of the tokens have been pulled out of the circulating supply.

This recent activity shows the community’s willingness to create scarcity, which may affect token’s price. From the Shibburn platform, it was observed that 4,796,486 SHIB tokens were burnt, which equates to 207.%. This essentially means that the burn rate has gone up by 81%. The community’s action also shows that there is a drive to decrease the total token supply in circulation.

Shiba Inu, in the SHIB burn, is met with stiff competition at $0. 00002550. Exceeding this level could take its value to $0. 000026, which may pave the way for SHIB to move to $0. 00003

However, a decline could bring down its price to $0. 000025. If the market turns bearish, Shiba Inu can go down even lower to $0. 000024. Higher bearish pressure might mean a bearish run, which shows the coin’s volatility and the market’s influence on it.

Based on the daily Shiba Inu coin technical analysis, the fluctuations in the cryptocurrency market may see an improvement in the Shiba Inu Coin. This is evident in the Bollinger Bands (BB) which shows a recent breakout from the previous consolidation phase. The Bollinger Bands with parameters of 20 SMA indicate the current volatility and the price channels.

SHIB has achieved the breakout of the middle band, which is a sign of the bull’s presence. The upper band at $0. 00002696 is the next resistance level while the lower band is at $0. 00002357 provides support.

MACD indicator has a positive crossover for the crypto coin. The MACD line at $0. 00000028 has gone above the signal line at $0. 00000004, which signals a possibility for an upward continuation. The histogram also backs up this bullish sentiment with the bars rising in green.