CandleFocus 39 Million SHIB in 24 Hours? Yet Shiba Inu Price Skyrockets 10%
2024-10-29
Author: Content Editor
Dog-themed cryptocurrency Shiba Inu (SHIB) has experienced a 10% price increase despite the burning of a large number of SHIB tokens. In the past 24 hours, 39 trillion SHIB tokens were burned, resulting in a 305% increase in the daily burn rate. The rise in burn rate was largely due to a single transaction of 38 million SHIB tokens being transferred to a dead wallet. Despite the burns, SHIB's price increase suggests that factors beyond burning may be driving its value, such as market sentiment and speculative trading. Bitcoin's rise to $71,000 and the increase in value of dog-themed cryptocurrencies have also contributed to SHIB's price surge. SHIB's price reached highs of $0.000019, but breaking above this range is necessary for sustained bullish momentum, while a break below $0.0000158 could result in a lower price range with support around $0.0000107.
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