• The SHIB burn rate increased by 2,682%, burning 18 million tokens in 24 hours, but the price remained stable at $0.00001807.

  • Despite a 76.88% drop in weekly burn, SHIB's price remained stable amid broader crypto market volatility.

  • SHIB trades within a narrow range, influenced by overall crypto market sentiment and the performance of major assets like Bitcoin.

Shiba Inu (SHIB), the dog-themed cryptocurrency, has recently seen an increase in its daily burn rate, with 18,617,208 SHIB tokens burned in the last 24 hours, an increase of 2,682.44%. Despite this notable spike in burn rate, SHIB's price showed only slight change over the same period.

UPDATE SHIB HOURLY$SHIB Price: $ 0.00001807 (1 hour -0.16% ▼ | 24 hours -0.15% ▼ )
Market capitalization: $10,642,554,615 (-0.18% ▼)
Total supply: 589,272,971,211,453

TOKEN BURNS
Last hour: 5,267,928 (1 transaction)
Last 24 hours: 18,617,208 (2682.44% ▲)
Last 7 days: 92,181,636 (-76.88% ▼)

- Shibburn (@shibburn) June 23, 2024

Current market performance

At the moment, SHIB is priced at $0.00001797, down 0.39% in the last 24 hours. SHIB's market capitalization was 10,642,554,615 USD, down 0.18%. SHIB's total supply is 589,272,971,211,453 tokens.

In the past week, there were 92,181,636 SHIB tokens burned, a decrease of 76.88% compared to the previous week. Despite the decline, the past 24 hours have seen a significant increase in token burn rates. However, this increase was not reflected in the SHIB price, which only increased slightly by 0.49% to $0.00001813.

Market psychology and influence

Various factors have influenced SHIB's modest price movements, despite the increased burn rate. Cryptocurrency market sentiment has been bearish, with Bitcoin falling to its lowest in more than a month. The performance of major coins like Bitcoin and Ethereum often affects the broader market, including SHIB.

Since June 18, when SHIB hit a low of $0.00001696, it has traded between $0.0000173 and $0.0000188. On-chain data shows that 417.19 trillion SHIB tokens are held by 25,310 addresses at an average price of $0.000018, suggesting this price level is important to SHIB.

Market speculation and future prospects

The market is watching SHIB price for signs of a potential breakthrough or consolidation. A significant move above the moving averages could indicate an uptrend. If the overall cryptocurrency market turns bullish, SHIB could benefit from increased investor confidence and trading activity.

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