SHIB has demonstrated slight growth in the past 24 hours
According to data from IntoTheBlock, the profitability of the second-largest meme cryptocurrency, Shiba Inu (SHIB), rose to 41% after falling to 35% earlier in March.
Shiba Inu presently trades at $0.0000248 after reaching intraday highs of $0.253. At the time of publication, SHIB has demonstrated slight growth in the past 24 hours, up 3.59%, and its price has increased by almost 8% over the past week.
In the past 24 hours, the rypto burn tracker on Twitter, Shibburnreported that nearly 190 million canine SHIB tokens have been burned in an attempt to make the second-largest crypto meme rarer and reduce its circulating supply.
On March 23, Bigger Entertainment CEO Steven Cooper disclosed that since October 2021, when the Shiba Inu community began to burn its tokens, nearly 263.4 billion SHIB have been burned by various projects and individuals.
NOWPayments, a noncustodial crypto payments processor, recently announced the introduction of a new feature that allows merchants to burn a portion of the profits they receive into Shiba Inu (SHIB) or Doge Killer (LEASH).
Burning refers to the process of permanently removing a certain amount of tokens from circulation. This is believed to make the token scarce, thus driving up value in the long run.
SHIB course
Shib retested the key barrier at $0.0000253 (daily MA 50) as it continued its three-day advance, hitting highs of $0.0000253 at press time.
As previously covered by U.Today, per Shiba Inu’s weekly charts, SHIB has been gradually recovering inside a triangle pattern in recent weeks, but it was unable to close above the $0.0000255 level. SHIB price was rejected from this key level on March 19.
As the price looks set for a price move entering the triangle formation, momentum indicators, especially the RSI, are hovering near the neutral 50 mark, suggesting consolidation. On the contrary, a break above this key barrier could trigger a 20% upside near the $0.00003 mark.
