Dog-themed cryptocurrency Shiba Inu has seen a significant surge in burn rate. Over the last 24 hours, the Shiba Inu burn rate has increased by a staggering 5,975%, a figure that has caught the attention of the broader cryptocurrency market.

According to Shibburn X handle, Shiba Inu’s burn rate has skyrocketed by an astonishing 5,975%, corresponding with a rise in the SHIB price.

Per a recent hourly update provided by Shibburn X handle, 1,729,224 SHIB tokens were burned in the last 24 hours, marking a 5,975.13% surge in burn rate. On the day before the previous, Shiba Inu burns saw a bizarre turn with 0 SHIB burned.

Thus, the 1,729,224 SHIB tokens burned in the past day, although small, remain significant in the context that no SHIB was burned in the day before the last.

The weekly burn rate was demonstrating a mild 17.17% rise with 38,884,384 SHIB burned in the last seven days.

SHIB price rallies

The Shiba Inu price began to rise last Tuesday, ahead of the Fed’s rate decision announced Wednesday.

In the week just concluded, cryptocurrencies gained as part of a broader market rally after the Federal Reserve cut interest rates by half a percentage point for the first time in more than four years.

Shiba Inu was no exception, climbing for five days in a row before experiencing profit-taking in today’s trading session.

Despite facing slight profit taking, SHIB is up 2.74% in the last 24 hours to $0.0000147 at the time of writing. Shiba Inu is up 6.36% so far in September, a month considered bearish for cryptocurrencies.

On the upside, a sustained break above the daily SMA 50, which has largely constrained the Shiba Inu price since April, might be needed for SHIB to continue its current bullish momentum. In this scenario, SHIB might target $0.000016 ahead of the daily SMA 200 at $0.0000208.

In the event of a fall, the daily SMA 50 at $0.00001375 might act as intermediate support ahead of the $0.000013 level.