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%.