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Shiba Inu (SHIB) skyrockets 2,682% with no price momentum
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Dog themed cryptocurrency Shiba Inu (SHIB) recently recorded a notable 2,682% increase in daily burn rate. Despite this, SHIB price has only seen a modest increase over the past 24 hours, settling around $0.000018.
Second Shibburn Hourly account updates, 18,617,208 SHIBs have been burned in the last 24 hours, which is a 2,682.44% increase in daily burn rate.
Despite the impressive burn rate increase, SHIB price increased only 0.49% over the past 24 hours to $0.00001813 and remains down 12% on a weekly basis.
Several factors could explain this modest price movement. Overall sentiment in the cryptocurrency market was mostly lackluster, with Bitcoin falling to more than one-month lows.
The performance of major cryptocurrencies such as Bitcoin and Ethereum can often influence the overall cryptocurrency market. If these major assets are experiencing volatility or bearish trends, it may be difficult for altcoins like SHIB to gain traction.
If the broader cryptocurrency market turns 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 been trading in a tight trading range between $0.0000173 and $0.0000188.
According to on-chain data from InBlock, 417.19 trillion SHIBs are held by 25,310 addresses in the current Shiba Inu trading range of $0.000017 to $0.000019 at an average price of $0.000018. This scenario highlights the importance of the $0.000018 level near the level where SHIB is currently trading.
That said, market speculators are closely monitoring the price of SHIB, looking for signs of a potential breakout or further consolidation. In the short term, a decisive break above the daily moving averages could suggest a bullish return.
About the author
Tomiwabold Olajide
Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analyzes and trading predictions on estimated market trends. Tomiwabold graduated from the University of Lagos.