Shiba Inu (SHIB) recently experienced a remarkable 2,682% increase in its daily burn rate. Despite this significant rise, SHIB's price has only seen a modest increase, currently hovering around $0.000018.
Key Points
Burn Rate Surge:Shibburn Data: According to hourly updates from the Shibburn X account, 18,617,208 SHIB were burned in the last 24 hours, marking a 2,682.44% increase in the daily burn rate.Price Movement:Current Price: SHIB's price has increased by only 0.49% in the last 24 hours to $0.00001813.Weekly Performance: The price remains down 12% over the past week.Market Sentiment:Cryptocurrency Market: The overall sentiment in the cryptocurrency market has been lackluster, with Bitcoin dropping to its lowest point in over a month.Influence of Major Cryptos: The performance of major cryptocurrencies like Bitcoin and Ethereum often influences the broader market. Their current volatility and downward trends make it challenging for altcoins like SHIB to gain traction.
Market Analysis
Current Trading Range: Shiba Inu fell to lows of $0.00001696 on June 18 and has since traded in a tight range between $0.0000173 and $0.0000188.On-Chain Data: According to IntoTheBlock, 417.19 trillion SHIB are held by 25,310 addresses at an average price of $0.000018, highlighting the significance of the $0.000018 level where SHIB currently trades.
Outlook
Potential for Breakout: Market speculators are closely monitoring SHIB's price for signs of a potential breakout or further consolidation.Bullish Indicators: A decisive break above the daily moving averages could suggest a bullish comeback for SHIB.
Conclusion
While the significant increase in SHIB's burn rate is notable, the price has not responded with a similarly substantial increase. The overall lackluster sentiment in the cryptocurrency market, driven by the performance of major assets like Bitcoin and Ethereum, continues to impact SHIB's price momentum. However, with a keen eye on market trends and potential bullish signals, investors and speculators remain watchful for any significant movements.