Shiba Inu Price Surges 30% in Last 24 Hours Despite Market Downtrend

• Since its all-time high, SHIB has plummeted 99 percent.
• Several members of the Shiba Inu community have been able to burn SHIB.

Over the previous 24 hours, Shiba Inu gained more than 30 percent despite the bad market. Amid the market carnage that erupted last week, SHIB joined the ranks of other altcoins.

After tumbling to a low of $17,708.62 last week, Bitcoin has steadily climbed to a current price of $21,442. However, Shiba Inu outscored the other altcoins with a spectacular increase. According to statistics from CoinMarketCap, SHIB saw one of the greatest rebounds.

Recent Burning Events Drew Attention

Although it’s a popular currency, it has relatively low liquidity and capitalization. Additionally, SHIB tends to make tiny profits during short-term market rallies. Shiba Inu is also gaining a following because of its habit of burning SHIB regularly. SHIB’s burning event draws many investors despite the relatively modest USD worth of the quantity burned.

Despite the adverse market circumstances, the Shiba Inu clan has not slowed down. Nearly two billion SHIB tokens have been burned since November 2021 by a single organization. Several members of the Shiba Inu community have been able to burn SHIB by using a defunct wallet on the Shiba Inu network. Game creator Travis Johnson got on board in the preceding months and executed several burns.

It has been announced by the @Shibburn twitter account that there have been a total of 15 transactions and 216,301,162 $SHIB tokens that have been burnt in the previous twenty-four hours. Since its all-time high, SHIB has plummeted 99 percent. On October 28, 2021, it reached an all-time high of $0.00008845. When it comes to being at the top, SHIB still has a long to go.