Article with AI Analysis
Date: Feb 9, 2025
Source: U.Today
2 min read
Introduction
The dog-themed cryptocurrency Shiba Inu (SHIB) has experienced a significant increase in its burn rate, with over 2.26 million SHIB tokens permanently removed from circulation. This sharp rise aligns with the community’s continued efforts to reduce the circulating supply of Shiba Inu tokens.
Burn Rate Surge and Market Impact
According to data from Shibburn, the daily Shiba Inu burn rate has surged by 226%, marking a notable milestone in the project's tokenomics strategy. In the last 24 hours, 2,261,918 SHIB were burned, while over the past week, 44,838,526 SHIB have been removed from circulation.
The past week was also significant for Shiba Inu due to its newly announced partnership with the UAE's Ministry of Energy and Infrastructure (MoEI). The collaboration aims to integrate blockchain-based applications into government services using Shiba Inu’s operating system, ShibOS, which is built on the Shibarium Layer-2 blockchain. This initiative is expected to enhance transparency, streamline processes, and improve security.
Shiba Inu cryptocurrency Price Action
At the time of writing, SHIB has risen 0.61% in the last 24 hours to $0.0000157. Following Friday’s bounce from lows of $0.00001462 to highs of $0.00001653, the token has continued its two-day upward momentum before slightly retreating.
Shiba Inu now ranks as the 16th largest cryptocurrency, boasting a market capitalization of $9.25 billion.
Key Resistance and Support Levels
For bullish momentum to continue, SHIB needs to break decisively above key daily moving averages, particularly the SMA 50 at $0.0000204 and SMA 200 at $0.0000192. A breakout above these levels would push SHIB out of its trading range and possibly lead to a retest of the $0.0000334 high.
If SHIB fails to break these resistance levels, it may consolidate further below its moving averages. A price decline could see Shiba Inu testing key support near $0.0000116.
AI-Powered Sentiment Analysis
Our AI analysis of this article revealed:
Financial Sentiment Score: 0.3 (Slightly positive but not strongly bullish)
Polarity Score: 0.077 (Leans neutral with minor positive inclination)
Subjectivity Score: 0.292 (Primarily factual with minimal personal opinions)
These scores suggest a cautiously optimistic market sentiment, with the recent burn rate increase and blockchain partnership adding potential value to SHIB’s long-term outlook.
Read More
Read the full article on U.Today here: https://u.today/2261918-shib-vanishes-as-shiba-inu-burn-rate-skyrockets-226-details
Disclaimer:
This article was generated using AI and reviewed for accuracy. The information presented is for educational purposes only and should not be construed as financial advice. Always consult with a professional before making investment decisions.
Comments