Shiba Inu burn rate exploded by 7200% (more than 1 billion) in the last 24 hours amidst the debut of ShibTorch V2.
Will this create the bullish conditions needed to trigger a rally toward $0.00009?
The burn rate for the second largest meme coin, Shiba Inu, skyrocketed by more than 7200% in the last 24 hours to reach 1.1 billion.
This brings the total number of SHIB tokens burnt in the last week to 1.15 billion and as many as 410 trillion the number of SHIB tokens burnt since 2020.
The increased incineration was influenced by the launch of ShibTorch V2, a revamped platform for burning excess SHIB tokens in line with the community’s desire.
It is an upgrade of the original ShibTorch platform launched in August 2024 and features such improved functionalities as allowing the SHIB community to participate in the burn process.
SHIB Jumped 4% last week to Eye $0.00002 as Key Indicators Hint a Bullish Momentum
The news of the increased burn rate helped trigger a 4% gain for the meme coin, which caused a jump in the value to around $0.0000196.
31st January marked the third consecutive day of straight gains after close to 10 days of sustained losses.
Looking at the meme’s price performance in the 4-hour timeframe, you will notice that SHIB has found new support of around $0.000018, and the technicals are supportive of a case for an upward breakout.
The RSI indicator is currently hovering around 58, which is indicative of a neutral to slightly bullish view of SHIB tokens by investors.
The case for a growing bullish momentum is given weight by the Moving Average Convergence Divergence (MACD) indicator.
The histogram has not only printed multiple green bars but also the MACD line (blue), which has already crossed the signal line (orange).
These indicators hint at a mounting bullish momentum for SHIB that will likely help it break above the current $0.0000197 before exploding towards $0.00003
Shiba Inu Down 6.6% Today Should You Buy The Dip?
Given the current news,Some SHIB investors will be looking at todays dip as an opportunity to buy. Given the current news surrounding this prominent cryptocurrency. Today SHIB is trading around $0.0000174.
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