71,297,136 SHIB Tokens Erased as Shiba Inu Burn Rate Rises 449.66%

Shiba Inu token destruction saw a 449.66% surge in burn rate in the past week. According to Shibburn, in the last seven days, a total of 71,297,136 SHIB were burned, resulting in a 449.66% increase in weekly burn rate.

In the last 24 hours, the narrative changes with a drop in daily burn rate observed. Only 1,512,538 SHIB were burned in the past day, leading to a drop in daily burn rate by 73.47%.

In the recent hour, just 125 SHIB were burned, reflecting the burn sentiment in the past day, which has seen a drop in burns.

However, the broader market largely traded in green as Bitcoin went on to set a new all-time high above $125,000. Shiba Inu’s price also traded in the green, extending a rebound from September’s close.

Shiba Inu price action

Shiba Inu saw a significant jump on Sunday as Bitcoin rose to a fresh all-time high, lifting other cryptocurrencies higher. Shiba Inu jumped from a low of $0.00001231 to a high of $0.00001297. At the time of writing, SHIB was up 2.35% in the last 24 hours to $0.00001274 and up 8.4% weekly.

A broader risk rally around the recent government shutdown has buoyed the cryptocurrency market. Adding to the bullish sentiment is that the month of October is generally regarded positive for the markets, referred to as “Uptober” in crypto parlance.

The immediate resistance for Shiba Inu is at $0.00001294, which is at the daily SMA 200. Shiba Inu neared this level on Friday and also in today’s session, however failing to surpass it.

A break above this level would now be watched for Shiba Inu’s short price action. On the other hand, support is expected at $0.0000122 and then $0.0000115, which halted Shiba Inu’s price drop in late September.