39 Million SHIB in 24 Hours? Yet Shiba Inu Price Skyrockets 10%

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As a seasoned analyst with over two decades of experience in the financial markets, I have seen countless trends come and go. However, the crypto space continues to surprise me with its unique dynamics. The recent performance of Shiba Inu (SHIB) has caught my attention, not just because of its dog-themed nature, but due to its resilience amidst significant token burns.

In the past day, the canine-themed digital currency, Shiba Inu (SHIB), experienced a 10% surge in value, even though approximately 39 trillion SHIB tokens were destroyed within that timeframe.

As a researcher, I’ve just found some fascinating data from ShibaInu’s official site. It appears that over the past day, an impressive 39,593,693 SHIB tokens were incinerated, representing a staggering 305% rise in the daily burn rate.

As an analyst, I can confirm that a significant transaction involving nearly 38 million SHIB being removed from circulation has played a major role in boosting the token’s burn rate substantially during the last 24 hours. This action has had a noticeable impact on the overall dynamics of the SHIB market.

According to the latest X update from Shiburn, a single transaction moved 38,126,361 SHIB coins into an inactive or dormant digital wallet.

🔥 38,126,361 $SHIB -> transferred to dead wallet.

— Shibburn (@shibburn) October 29, 2024

Currently, Shiba Inu (SHIB) has increased by 9.59% over the past 24 hours, reaching $0.00001867. The latest price rise of SHIB hints at factors other than its burn mechanism potentially influencing its value. Factors such as overall market sentiment and speculative trading might be playing a role in this upward trajectory.

For the first time since June, Bitcoin broke through the $71,000 mark, propelled by investments into specialized exchange-traded funds. Meanwhile, Shiba Inu and similar digital currencies based on dogs have seen an increase in their worth too.

SHIB price eyes breakout

After a three-day upward trend starting from last Friday’s decline where SHIB dropped to $0.0000158, Shiba Inu coin surpassed its daily Simple Moving Average (SMA) at $0.0000186 and peaked at $0.000019 during today’s market session early on.

Based on the analysis of blockchain data, this particular price range appears to be a substantial hurdle, as a large amount of SHIB tokens are being stored there.

Based on information from IntoTheBlock, approximately 425 billion SHIB tokens were purchased within the price range of $0.000017 to $0.000019, and these transactions were made by around 44,060 unique Shiba Inu wallets where it is now being traded.

If Shiba Inu manages to surge significantly beyond its current range, it’s likely that it will continue its bullish trend. In such a scenario, we might expect Shiba Inu to reach approximately $0.0000216 next, and potentially even $0.000029 thereafter.

If the price falls below $0.0000158, it could potentially push Shiba Inu towards the lower boundary of its existing price range. A possible support level in such a case would be around $0.0000107.

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2024-10-29 17:35