2,261,918 SHIB Vanishes as Shiba Inu Burn Rate Skyrockets 226%: Details

Dog-themed cryptocurrency Shiba Inu (SHIB) has seen a surge in its burn rate, with over 2.26 million SHIB tokens removed from circulation.

According to data from Shibburn, the daily Shiba Inu burn rate has skyrocketed by 226%, marking another strong push in the community’s ongoing effort to reduce Shiba Inu's circulating supply.

According to Shibburn X , 2,261,918 SHIB were burned in the last 24 hours, while 44,838,526 were destroyed in the last seven days.

The past week was significant for Shiba Inu as it announced its partnership with the UAE's Ministry of Energy and Infrastructure (MoEI) to use blockchain technology in a number of public services.

MoEI will integrate blockchain-based programs and apps into government services via Shiba Inu's operating system (ShibOS), which is based on Shibarium, a Layer-2 blockchain that will streamline procedures, increase transparency and improve security.

Shiba Inu price action

At the time of writing, SHIB was up 0.61% in the last 24 hours to $0.0000157. Shiba Inu surged for two days in a row following Friday's bounce from lows of $0.00001462 to highs of $0.00001653, before retreating.

Shiba Inu has risen in the cryptocurrency rankings, becoming the 16th largest cryptocurrency with a market valuation of $9.25 billion.

On the upside, bulls' first goal would be to convincingly break above the daily moving averages, specifically the critical daily SMA 50 and 200 levels at $0.0000204 and $0.0000192. This would force SHIB to depart its range trading; precisely, a break above the daily SMA 200 would take SHIB above the lower range, and a break above the daily SMA 50 would take SHIB out of the previously traded higher range.

If SHIB breaks over the daily SMA 50 at $0.0000204, it will aim at the $0.0000334 high again. Another possibility is that Shiba Inu continues to consolidate below its daily moving averages of 50 and 200. However, if the price drops, Shiba Inu may test support near $0.0000116.