The burn rate of Shiba Inu has experienced a significant increase due to the delivery of millions of SHIB tokens to inactive wallets.
Based on the information provided on the #Shibburn website, it is seen that the SHIB burn rate has exhibited a substantial surge of 7,700% throughout the preceding 24-hour period. This notable rise is evidenced by the burning of a total of 266,727,310 #SHIB tokens, which occurred through the execution of 21 distinct transactions.
During the previous week, a significant quantity of over five hundred million SHIB tokens were destroyed. According to Shibburn's findings, a total of 544,958,383 SHIB tokens have been eliminated through 284 transactions throughout the preceding seven-day period.
On October 26, the price of Shiba Inu had a notable increase, reaching a two-month peak of $0.00000825. This surge in value can be attributed to a resurgence of positive sentiment within the market. The Shiba Inu saw a period of profit-taking subsequent to reaching a peak, resulting in a decline in values to $0.00000757 on October 27th.
On October 28th, the price of Shiba Inu had a recovery and thereafter exhibited a continuous upward trend throughout early Sunday trade. At the time of writing, the SHIB token saw a 3.29% increase throughout the last 24 hours, reaching a value of $0.00000807. Furthermore, over the past seven days, it shown a notable growth of 15.40%.
The value of SHIB has exhibited a consistent upward trend from October 19th, following a period of reaching its lowest point at $0.0000066. Subsequently, SHIB has exhibited positive performance on nine out of the last eleven consecutive days. The SHIB token successfully surpassed the significant daily moving average (MA) 50 threshold of $0.00000726, a price level that had been acting as a resistance point since August.
With this achievement, the $SHIB token is once again nearing a price objective that has the potential to trigger its subsequent significant price fluctuation.
In order to sustain the ongoing upward momentum, Shiba Inu bulls are need to surpass the daily moving average (MA) 200 resistance level, which is now positioned at $0.00000823. If this obstacle is successfully surmounted, Shiba Inu has the potential to initiate a novel maneuver with the objective of reaching the price level of $0.00001134.
The Shiba Inu playfully alludes to an anticipated positive revelation.
The official Shiba Inu X account conveys an intriguing announcement on the upcoming revelation of the SHIB identity, urging the community to prepare for a significant transformation in the realm of blockchain technology.
Shiba Inu made an announcement to its community on an anticipated development in unlocking a distinctive SHIB identity, which was referred to as a "good surprise." As the commencement of the countdown to the disclosure approaches, it concurrently proclaims a SHIB prize amounting to $5,000.
Self-sovereign identification refers to a collection of protocols and technologies that enable users inside a system to maintain control over their identity, validated credentials, and assets stored in a wallet.
