Shiba Inu (SHIB) is experiencing a modest uptick today, driven by a surge in its burn rate and speculation about a new partnership. The burn rate has increased by over 60,000%, which is seen as a positive development by investors as it reduces the total supply and potentially boosts demand for the remaining tokens. This move signals the developers' commitment to increasing the meme coin's price, which tends to boost confidence and attract more investments. Additionally, the Shiba Inu community is abuzz with rumors of a new partnership that could further enhance the coin's utility and appeal.
Despite recent struggles, including a 7.86% decline over the past week, Shiba Inu is showing signs of recovery. The token is attempting to rise again after struggling to maintain key support levels, with several resistance points potentially hindering its recovery. If SHIB can break above the 200 EMA at $0.00002078, it may signal a positive change, with traders then targeting higher levels. The recent increase in the burn rate and the anticipation of a new partnership are contributing to a more optimistic outlook for the token.
Shiba Inu's price has increased by 0.69% today, reaching $0.000019. The highest price today was $0.000020, while the lowest was $0.000019.