Shiba Inu (SHIB) Skyrockets 2,682% Despite Minimal Price Movement
Shiba Inu (SHIB), the dog-themed cryptocurrency, has experienced a staggering 2,682% surge in its daily burn rate. However, this impressive increase has not translated into significant price momentum, with SHIB’s value remaining at around $0.000018 over the past 24 hours.
Shibburn X account’s hourly updates reveal that 18,617,208 SHIB tokens have been burned in the last 24 hours, marking a massive 2,682.44% rise in the daily burn rate.
HOURLY SHIB UPDATE$SHIB Price: $0.00001807 (1hr -0.16% ▼ | 24hr -0.15% ▼ )
Market Cap: $10,642,554,615 (-0.18% ▼)
Total Supply: 589,272,971,211,453TOKENS BURNT
Past hour: 5,267,928 (1 transaction)
Past 24Hrs: 18,617,208 (2682.44% ▲)
Past 7 Days: 92,181,636 (-76.88% ▼)— Shibburn (@shibburn) June 23, 2024
Despite the significant increase in burn rate, SHIB’s price has only seen a marginal rise of 0.49% over the past 24 hours, reaching $0.00001813. On a weekly basis, the coin is down 12%.
There are a few factors that could explain this lacklustre price movement. The overall sentiment in the cryptocurrency market has been subdued, with Bitcoin hitting a one-month low.
The performance of major cryptocurrencies, such as Bitcoin and Ethereum, often has an impact on the wider crypto market. If these leading assets display volatility or downward trends, it can be challenging for altcoins like SHIB to gain traction.
If the broader cryptocurrency market shifts towards a bullish trend, SHIB could benefit from increased investor confidence and trading activity.
Shiba Inu experienced lows of $0.00001696 on June 18 and has since been trading within a narrow range of $0.0000173 and $0.0000188.
On-chain data from IntoTheBlock reveals that 25,310 addresses currently hold 417.19 trillion SHIB tokens within Shiba Inu’s trading range of $0.000017 and $0.000019, with an average purchase price of $0.000018. This underscores the significance of the $0.000018 level, where SHIB is currently trading.
Market speculators are closely monitoring SHIB’s price, searching for indications of a potential breakout or further consolidation. In the short term, a decisive break above the daily moving averages might hint at a bullish comeback.