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 $0.000018.
According to Shibburn X account hourly updates, 18,617,208 SHIB have been burned in the last 24 hours, representing a 2,682.44% increase in daily burn rate.
HOURLY SHIB UPDATE$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 BURNTPast 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 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.
The performance of major cryptocurrencies like Bitcoin and Ethereum can frequently influence the overall crypto market. If these leading assets are experiencing volatility or downward trends, it might be challenging for altcoins like SHIB to gain traction.
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Should the broader cryptocurrency market turn bullish, SHIB could benefit from increased investor confidence and trading activity.
Shiba Inu fell to lows of $0.00001696 on June 18 and has since traded in a tight trading range between $0.0000173 and $0.0000188.
According to on-chain data from IntoTheBlock, 417.19 trillion SHIB are being held by 25,310 addresses at Shiba Inu's current trading range between $0.000017 and $0.000019 at an average price of $0.000018. This scenario highlights the significance of the $0.000018 level near where SHIB presently trades.
That said, market speculators are closely monitoring SHIB's price, looking for signs of a potential breakout or further consolidation. In the short term, a decisive break above the daily moving averages might suggest a bullish comeback.
