Significant Increase in SHIBA Inu Burn Rate Sees Modest Price Reaction
Recently, Shiba Inu (SHIB) has experienced a remarkable 2,682% increase in its daily burn rate. Despite this, the SHIB price has seen only a modest increase over the past 24 hours, hovering around $0.000018. Specifically, 18,617,208 SHIB were burned in the last 24 hours, representing a 2,682.44% rise in the daily burn rate.
Despite the dramatic increase in the burn rate, the SHIB price rose by only 0.49% in the last 24 hours to reach $0.00001813, remaining down 12% on a weekly basis. Several factors may explain this modest price movement. The overall sentiment in the cryptocurrency market has been mostly subdued, with Bitcoin dropping to its lowest level in over a month.
However, market speculators are closely monitoring SHIB’s price, looking for signs of a potential breakout or further consolidation. In the short term, a decisive breakthrough above the daily moving averages could signal a bullish return.
Currently, 417.19 trillion SHIB are held in 25,310 addresses within Shiba Inu’s trading range of $0.000017 to $0.000019, with an average price of $0.000018. This scenario underscores the importance of the $0.000018 level, near where SHIB is currently trading.
Shiba Inu hit its lowest point of $0.00001696 on June 18 and has since traded within a narrow range of $0.0000173 to $0.0000188. Should the broader cryptocurrency market turn bullish, SHIB could benefit from increased investor confidence and trading activity.
Read more Decline in Large Shiba Inu Transactions: A Concerning Indicator for Market Health
The performance of major cryptocurrencies often impacts the broader crypto market. If leading assets experience volatility or downward trends, it can be challenging for altcoins like SHIB to gain traction. The performance of major cryptocurrencies such as Bitcoin and Ethereum can significantly influence the market dynamics for smaller assets like SHIB.
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