Shiba Inu (SHIB) has experienced a significant surge in both its burn rate and market value, marking a remarkable recovery for the dog-themed cryptocurrency. Over the past day, Shiba Inu's burn rate skyrocketed by an astounding 781%, coinciding with a notable price increase.
Shiba Inu saw its price rise by as much as 16% in the previous day, demonstrating a robust upward trend. As of the latest data, SHIB continues to sustain these gains, up 11% over the last 24 hours. This price recovery has invigorated the Shiba Inu community and caught the attention of the market, highlighting the token's potential for further growth.
According to Shibburn X's account, over 18 million SHIB (18,092,299) were burned in the last 24 hours, representing a 781.73% surge in the daily burn rate. The price of SHIB is currently trading at $0.0000164, according to CoinMarketCap data.
HOURLY SHIB UPDATE$SHIB Price: $0.00001662 (1hr 0.62% ▲ | 24hr 10.23% ▲ )Market Cap: $9,769,407,985 (9.86% ▲)Total Supply: 589,272,541,686,536TOKENS BURNTPast 24Hrs: 18,092,299 (781.73% ▲)Past 7 Days: 358,451,117 (369.53% ▲)
— Shibburn (@shibburn) July 7, 2024
The broader cryptocurrency market's sentiment has influenced Shiba Inu's recovery. As investor sentiment improves and market conditions stabilize, crypto assets like SHIB stand to benefit from increased interest and trading activity.
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Additionally, the recent positive sentiment within the Shiba Inu community might have contributed to the surge in both the burn rate and price.
What comes next for SHIB?
Going forward, the market will be closely watching Shiba Inu's progress in the coming weeks, eager to see if the token can maintain its upward trajectory. That said, broader market trends and investor sentiment might play a significant role in SHIB's future performance.
As it currently is, Shiba Inu bulls are challenging a key price level where a substantial amount of SHIB is being held by several addresses.
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According to IntoTheBlock data, 422.29 trillion SHIB are being held by 23,330 addresses at an average price of $0.000017. If bulls succeed in surmounting this vital level, the SHIB price might approach $0.00002. In this scenario, a sustained breach above the daily moving averages of 50 and 200 at $0.0000193 and $0.00002125 might indicate a bullish comeback.
