Shiba Inu price tests resistance levels amid rising burn rate

Shiba Inu (SHIB) has shown signs of a price recovery, trading near $0.000006 following a rebound from mid-September lows. Technical analysis suggests that breaking above the $0.0000060-$0.0000061 resistance zone could lead to further gains toward $0.0000067 and $0.0000072.

Parallel to price movements, the SHIB burn rate has seen significant spikes. Reports indicate the burn rate climbed by several hundred percent in a 24-hour period, with one tracker noting approximately 15 million tokens destroyed in a single day. While these burns reduce the available supply, analysts note that the total amount burned remains small relative to the roughly 585 trillion SHIB currently in circulation.

The recovery in SHIB occurs alongside broader activity in the cryptocurrency sector, as interest returns to meme tokens and major assets like Bitcoin and Ether maintain their market positions.