Shiba Inu Skyrockets 781% in Burns Amid SHIB Price Rebound
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Shiba Inu (SHIB) has experienced a significant increase in both burn rate and market value, signaling a remarkable recovery for the dog-themed cryptocurrency. Over the past day, Shiba Inu’s burn rate has skyrocketed by a staggering 781%, coinciding with a massive increase in price.

Shiba Inu’s price increased by 16% over the past day, demonstrating a strong upward trend. Latest data shows that SHIB continues to maintain this upward trajectory, increasing by 11% in the past 24 hours. This price recovery has energized the Shiba Inu community, attracted market attention and highlighted the token’s potential for further growth.

according to Shibburn X accountOver 18 million SHIB (18,092,299) have been burned in the past 24 hours, increasing the daily burn rate by 781.73%. SHIB price is currently trading at $0.0000164. CoinMarketCap data.

Overall cryptocurrency market sentiment is influencing Shiba Inu’s recovery. As investor sentiment improves and market conditions stabilize, crypto assets like SHIB stand to benefit from increased interest and trading activity.

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Additionally, recent positive sentiment within the Shiba Inu community may have contributed to the spike in both burn rate and price.

What’s next for SHIB?

Going forward, the market will be keeping a close eye on Shiba Inu over the coming weeks to see if the token can maintain its upward trajectory, although broader market trends and investor sentiment are likely to play a major role in SHIB’s future performance.

As things stand, Shiba Inu’s bull run is challenging key price levels where significant amounts of SHIB are held by multiple addresses.

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according to Into the Block According to the data, 422.29 trillion SHIB is being held by 23,330 addresses at an average price of $0.000017. If bulls succeed in overcoming this critical level, SHIB price may approach $0.00002. In this scenario, a sustained rise above the 50 and 200 daily moving averages at $0.0000193 and $0.00002125 could signal a bullish comeback.

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