Recently, Shiba Inu, often referred to as Dogecoin‘s rival, experienced a remarkable price increase in the last 24 hours. This growth coincided with a massive 1300% jump in the SHIB token burn rate. This development attracted considerable investor interest since Shiba Inu had seen significant drops in its price, reaching a low of $0.000024 over the past month. However, the token’s price rebounded today, approaching the $0.00003 mark once more, generating optimism within the global cryptocurrency community.
Shiba Inu Burn Rockets Amid Market Uptrend
Based on Shibburn’s recent revelation, an astonishing 1344.14% increase in burn rate occurred due to the destruction of approximately 135.45 million SHIB tokens within the last 24 hours. Amidst the persistent reduction in the token’s supply, market fluctuations for SHIB are further mitigated.
Over the last day, a grand total of 135,451,536 $SHIB tokens were eliminated from circulation through 12 separate transactions. For updated information on the total number of burned $SHIB tokens, current circulating supply, and further details, please refer to this link.
— Shibburn (@shibburn) April 9, 2024
During this period, the price of the token saw a significant surge today, but its value had been unpredictable over the last few days, causing uncertainty among investors. However, recent on-chain data indicates a robust upward trend for the token as of now, resulting in positive waves within the cryptocurrency market today for SHIB.
The market value of Shiba Inu increased by 2.28% to $16.81 billion, while its trading volume saw a significant rise of 12.63%, amounting to $668.27 million over the last day. This uptick in activity generated positivity among investors, even amidst previous price adjustments and instability in the meme coin sector.
Shiba Inu Price Soars
Currently, the price of Shiba Inu token has increased by 6% over the last 24 hours and is now priced at $0.00002855. This price hike can be attributed to several positive factors that have emerged recently, such as the significant increase in the token’s burn rate.
It’s fascinating to note that according to Coinglass data, open interest in SHIB grew by 4.93% and derivative volume surged by 10.26%. This indicates a robust upward trend for Shiba Inu, suggesting heightened market activity and increased investor enthusiasm for this asset.
Together, these developments create an optimistic perspective for Shiba Inu within the larger cryptocurrency industry. Notably, Nexo, a well-known global crypto exchange, has recently added Shiba Inu to its platform, potentially contributing to the recent price surge of approximately 6%.
CoinGape Media’s examination adds weight to the significance of $0.000029 as a key resistance level for Shiba Inu. Reaching this threshold is plausible if the meme coin maintains its massive coin burn rate and experiences heightened market demand. Subsequent advances could follow, fueling interest among crypto investors who are closely watching SHIB for signs of price movement shifts. The anticipated Bitcoin halving continues to stir excitement in the altcoin sector as a potential catalyst for change.
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2024-04-09 08:11