Shiba Inu Skyrockets 243% Yet SHIB Price Not Moving

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As a researcher with experience in the cryptocurrency market, I find it intriguing that Shiba Inu (SHIB) has experienced such a significant increase in its daily burn rate while the price remains stagnant. According to recent data from Shibburn, an impressive 20,198,590 SHIB tokens were burned in the last 24 hours, representing a 243.67% increase in burn rate. However, the price of SHIB has remained relatively unchanged over the past two days, trading within a tight range between $0.0000166 and $0.0000172.

The daily SHIB burn rate for Shiba Inu (SHIB) has seen a remarkable jump by 243%. Surprisingly, this substantial growth in SHIB’s burning hasn’t translated into noticeable price gains. Instead, the cryptocurrency has remained stationary, barely fluctuating and confined to a narrow range during the last two days.

Based on Shiburn X’s report, approximately 20 million SHIB tokens were incinerated over the past 24 hours, marking a substantial surge of 243.67% in the burning rate.

As a crypto investor, I’m keeping an eye on my Shiba Inu investment with hourly updates. The current price is at $0.0000167, up by 0.11% in the last hour but down by 1.94% over the past 24 hours. The market capitalization stands at a significant loss of 1.76%, now valued at approximately $9.8 billion. Regarding tokens burnt, there was an impressive increase of 20,198,590 tokens in the last 24 hours, marking a surge of 243.67%. However, over the past week, the number of burnt tokens decreased by 12.16% with a total of 76,341,727 tokens burnt during that period.

β€” Shibburn (@shibburn) June 30, 2024

In recent times, SHIB‘s substantial rise in burn rate hasn’t significantly affected its price. Over the past two days, the price has remained relatively stable, oscillating within a narrow band between $0.0000166 and $0.0000172.

Although SHIB‘s burn rate has risen, several elements, such as market sentiment, could be responsible for its stagnant price. The mood of the broader cryptocurrency market can significantly affect individual token prices, and if it remains negative or uncertain, other market influences may outweigh the burn rate’s impact.

Over the past weekend, the cryptocurrency market, spearheaded by Bitcoin, displayed uneventful price fluctuations. An unprecedented low of 16% was reached in terms of Bitcoin’s trading proportion during this year. This lethargic trend has also influenced Shiba Inu, as indicated by its unremarkable price changes.

Shiba Inu team on SHIB, BONE, LEASH, SHEB: “We Aren’t Stopping”

Lucie, a valued member of the Shiba Inu team, has given the SHIB community an energizing pep talk: “We’re not halting our efforts with SHIB, BONE, LEASH, or SHEB.”

As a researcher, I’m deeply invested in the current market trends with cryptocurrencies like Shiba Inu ($SHIB), Bone Shibaswap ($BONE), Leash ($LEASH), and Sheba Inu ($SHEB). While it may seem disheartening at the moment as we only see a small fragment of these tokens’ performance, I encourage you to broaden your perspective.β€” π‹π”π‚πˆπ„ | SHIB.IO (@LucieSHIB) June 30, 2024

Amidst the market instability marked by decreasing prices, Lucie emphasizes the Shiba Inu team’s dedication to advancing and expanding their project. Their attention is directed towards the major tokens within their ecosystem – SHIB, BONE, LEASH, and most recently, SHEB.

The Shiba Inu community remains enthusiastic about SHIB, BONE, LEASH, and SHEB tokens, generating widespread interest in the market as we anticipate their future developments.

At the time of writing, SHIB was down 0.27% in the last 24 hours to $0.00001699.

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2024-06-30 12:53