The Shiba Inu (SHIB) ecosystem has witnessed a phenomenal 1,344% increase in its token burn rate, indicating a pivotal moment for investors as the dog-themed cryptocurrency’s price teeters on the brink of a significant movement.
Over the last 24 hours, 135,451,536 SHIB tokens were eliminated in 12 transactions, representing a monetary value of $3,868.50.
This surge in the burn rate has sparked widespread speculation regarding SHIB’s future price trajectory, especially as its price has seen a cooling period recently, prompting investors to watch the market closely for any signs of breakout or major price changes.
In the midst of a weekend bullish momentum within the broader cryptocurrency market, where Bitcoin and other key cryptocurrencies recovered significant resistance levels, SHIB also experienced a rally.
Starting from April 6, SHIB rallied for three consecutive days before facing a downturn due to profit-taking, marking a 1.83% decline in the last 24 hours to a price of $0.00002827.
The potential upside for Shiba Inu includes a resistance range between $0.000031 and $0.000036, a level supported by purchases from 137,600 addresses at an average price of $0.000033.
Conversely, a further drop in SHIB’s price finds its next support between $0.000025 and $0.000027, where 33.39 trillion SHIB were acquired by 46,930 addresses at an average price of $0.000026.
Adding to the buzz in the SHIB community, the Shiba Inu team has shared updates on the Shiba Eternity game, which has recently received significant enhancements.
Lucie, a team member, highlighted that the first edition of the Shiba Eternity project is fully operational with recent upgrades.
“Lucie reports that the first edition of the Shiba Eternity project is up and running, having been improved with new updates.
“She adds that there will be no slowing down as Shiba Eternity continues to introduce new features and refine the system.”
This update includes new features for the game, promising exciting additions to kibbles and Shiboshis, new cards, and a breeding system for Shiboshis, with the play-to-earn version of Shiba Eternity nearing its launch, signaling a fast-paced development within the game.
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