The dog-themed cryptocurrency Shiba Inu (SHIB) has recently seen a notable 2,682% increase in its daily burn rate. Despite this, SHIB price has only seen a modest increase in the last 24 hours, hovering around $0.000018.
The dog-themed cryptocurrency Shiba Inu (SHIB) has recently seen a notable 2,682% increase in its daily burn rate. Despite this, SHIB price has only seen a modest increase in the last 24 hours, hovering around $0.000018.
According Shibburn According to hourly updates, 18,617,208 SHIB have been burned in the last 24 hours, representing a 2,682.44% increase in the daily burning rate.
Despite the impressive increase in burn rate, SHIB price has only increased by 0.49% in the last 24 hours to $0.00001813 and is still down 12% on a weekly basis.
Several factors could explain this modest price movement. Overall sentiment in the cryptocurrency market has been largely lackluster, with Bitcoin falling to its lowest level in over a month.
The performance of major cryptocurrencies like Bitcoin and Ethereum can often influence the broader crypto market. If these leading assets experience volatility or downward trends, it could be difficult for altcoins like SHIB to gain traction.
Tomiwabold OlajideIf the broader cryptocurrency market turns bullish, SHIB could benefit from increased investor confidence and trading activity.
Shiba Inu fell to lows of $0.00001696 on June 18 and has since traded in a tight trading range between $0.0000173 and $0.0000188.
According to chain data In the block, 417.19 billion SHIB are held by 25,310 addresses in the current Shiba Inu trading range between $0.000017 and $0.000019 at an average price of $0.000018. This scenario highlights the importance of the $0.000018 level near where SHIB is currently trading.
That being said, market speculators are closely monitoring SHIB price, looking for signs of a possible breakout or further consolidation. In the short term, a decisive break above the daily moving averages could suggest a bullish return.
