Shiba Inu (SHIB) Skyrockets 2,682% With No Price Momentum

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Dog-themed cryptocurrency Shiba Inu (SHIB) recently saw a staggering spike in its daily burn rate of 2,682%. Despite this, SHIB price has only seen a slight increase over the past 24 hours, remaining at around $0.000018.

according to Shivern X According to the account’s hourly updates, 18,617,208 SHIB have been burned in the past 24 hours, indicating a 2,682.44% increase in the daily burn rate.

Despite the impressive increase in burn rate, SHIB’s price increased by 0.49% over the past 24 hours to $0.00001813, and remains down 12% on a weekly basis.

Several factors explain this modest price movement. Overall sentiment in the cryptocurrency market is generally lackluster, with Bitcoin falling to its lowest in over a month.

The performance of major cryptocurrencies such as Bitcoin and Ethereum can frequently affect the entire cryptocurrency market. When these major assets experience volatility or a downtrend, it can be difficult for altcoins such as SHIB to gain momentum.

If the overall cryptocurrency market turns bullish, SHIB could benefit from increased investor confidence and trading activity.

The Shiba Inu fell to a low of $0.00001696 on June 18th and has since traded in a tight trading range of $0.0000173 to $0.0000188.

According to on-chain data: Into the BlockWith 417.19 trillion SHIB being held by 25,310 addresses, Shiba Inu’s current trading range is between $0.000017 and $0.000019, with an average price of $0.000018. This scenario highlights the importance of the $0.000018 level where SHIB is currently trading.

That said, market speculators are closely monitoring SHIB’s price, looking for signs of a potential breakout or further consolidation. In the short term, a decisive move above the daily moving average could signal a bullish comeback.

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Tomiwabold Olajide

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