According to U.Today, Shiba Inu (SHIB), a dog-themed cryptocurrency, has recently seen a significant 2,682% increase in its daily burn rate. Despite this, the price of SHIB has only slightly increased over the last 24 hours, remaining around $0.000018. In the last 24 hours, 18,617,208 SHIB have been burned, representing a 2,682.44% increase in the daily burn rate. However, despite the impressive increase in the burn rate, SHIB's price has only risen by 0.49% in the last 24 hours to $0.00001813 and is 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 a 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.
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. 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.