Shiba Inu Burn Rate Soars Over 1000%, Will SHIB Price Explode?

Shiba Inu burn rate has spiked over 1000% in the past 24 hours, burning a total of 15,487,160 $SHIB tokens. The trading volume has seen an upsurge of around 80% in the same time period. After weeks, SHIB’s price surge yesterday has propelled a substantial number of tokens to reach their break-even point.

Shiba Inu Burn Rate Soars

According to Shibburn, the website tracking token burns, the burn rate of SHIB tokens has skyrocketed by an impressive 1027.94% in just 24 hours. This surge in burn rate highlights the growing interest and demand for SHIB within the market.

Furthermore, the trading volume for SHIB has surged by around 80% demonstrating a substantial increase in investor activity and trading interest.

Shiba Inu (SHIB) has achieved a market capitalization of $4.2 billion with a 0.70% increase, while the trading volume of $202,163,917 indicates robust activity in the market.

SHIB Price Action

The price of SHIB currently stands at $0.000007207, experiencing a minor decrease of 0.51% within the hour but an overall increase of 0.82% over the past 24 hours. Moreover, over the course of the last week, SHIB has risen by an impressive 8.80%, further contributing to its recent bullish momentum.

Shiba Inu’s BONE has also shown bullish trend over the past week, with a gain of 5.70% in 07 days. Its trading volume stands at $4,690,825, up around 20%.

SHIB broke through a crucial resistance level at $0.000007 yesterday, resulting in a remarkable 4.6% gain within a mere 30 minutes. Recent market data analyzed by IntoTheBlock highlights a remarkable development: over a trillion SHIB tokens have regained their initial value as a direct result of the latest price action.

On October 28, 2021, SHIB reached its all-time high price of $0.00008616. However, since then, the price has experienced a sharp decline, dropping by 91.64%.

AD

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.