Shiba Inu (SHIB) Skyrockets 2,682% With No Price Momentum

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Dog-themed cryptocurrency Shiba Inu (SHIB) has recently experienced a remarkable 2,682% surge in its daily burn rate. Despite this, SHIB's price has seen only a modest increase over the last 24 hours, hovering around $0.000018.

According to Shibburn X account hourly updates, 18,617,208 SHIB have been burned in the last 24 hours, representing a 2,682.44% increase in daily burn rate.

Despite the impressive increase in burn rate, SHIB's price has only risen by 0.49% in the last 24 hours to $0.00001813 and remains down 12% weekly. Several factors could explain this modest price movement.

The overall sentiment in the cryptocurrency market has been mostly lackluster, with Bitcoin dipping to over one month low.

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