Shiba Inu’s Remarkable Surge: A 781% Increase in Burn Rate Sparks Market Excitement
Shiba Inu (SHIB) has seen a significant increase in its burn rate and market value, marking a notable recovery for the meme-inspired cryptocurrency. Over the past day, SHIB’s burn rate soared by an astounding 781%, coinciding with a substantial rise in its price.
The price of Shiba Inu increased by 16% the previous day, indicating a strong upward trend. According to the latest data, SHIB continues to sustain these gains, rising by 11% over the past 24 hours. This price recovery has energized the Shiba Inu community and captured market attention, highlighting the token’s potential for further growth.
In the last 24 hours alone, more than 18 million SHIB (18,092,299) were burned, representing a 781.73% increase in the daily burn rate. SHIB is currently trading at $0.0000164.
Broader cryptocurrency market sentiment has influenced Shiba Inu’s recovery. As investor sentiment improves and market conditions stabilize, cryptocurrencies like SHIB benefit from increased interest and trading activity.
Additionally, recent positive sentiment within the Shiba Inu community may have contributed to the surge in both the burn rate and price.
What’s Next for SHIB?
In the coming weeks, market watchers are eager to see if SHIB can maintain its upward trajectory. However, broader market trends and investor sentiment will play a crucial role in Shiba Inu’s future performance.
Read more Shiba Inu’s Roller Coaster Week: Surging Burn Rate, Falling Value
Currently, Shiba Inu bulls are challenging a key price level, with a significant amount of SHIB held by numerous addresses. Specifically, 422.29 trillion SHIB are held by 23,330 addresses at an average price of $0.000017. If the bulls succeed in overcoming this critical level, SHIB’s price could approach $0.00002. In this scenario, a sustained break above the 50-day and 200-day moving averages at $0.0000193 and $0.00002125, respectively, could signal a return to a bullish trend.
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