Shiba Inu Experiences Significant Burn Rate Increase Amid Modest Price Changes

• SHIB burn rate surges 2,682%, burning 18M tokens in 24 hours, but price remains stable at $0.00001807.
• Despite a 76.88% weekly burn decrease, SHIB’s price stays steady amid broader crypto market fluctuations.
• SHIB trades within a tight range, influenced by overall crypto market sentiment and performance of major assets like Bitcoin.

Shiba Inu (SHIB), the dog-themed cryptocurrency, has recently witnessed a surge in its daily burn rate, with 18,617,208 SHIB tokens burned in the past 24 hours, representing a 2,682.44% increase. Despite this notable burn rate spike, SHIB’s price has shown only a slight change over the same period.

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Current Market Performance

At press time, SHIB is priced at $0.00001797, reflecting a decrease 0.39% decline over the past 24 hours. The market capitalization of SHIB stands at $10,642,554,615, down by 0.18%. The total supply of SHIB remains at 589,272,971,211,453 tokens.

The past week has seen a total of 92,181,636 SHIB tokens burned, marking a 76.88% decrease compared to previous weeks. Despite this weekly drop, the past 24 hours alone have seen a significant increase in the burn rate. This substantial increase in daily burns, however, has not been mirrored by a corresponding rise in SHIB’s price, which has only increased by a modest 0.49% to $0.00001813 over the same timeframe.

Market Sentiment and Influences

Several factors contribute to the modest price movement of SHIB despite the increased burn rate. The overall sentiment in the cryptocurrency market has been slow, with Bitcoin experiencing a drop to its lowest level in over a month. The performance of major cryptocurrencies like Bitcoin and Ethereum often impacts the broader market, influencing altcoins such as SHIB.

Since reaching a low of $0.00001696 on June 18, SHIB has traded within a narrow range between $0.0000173 and $0.0000188. On-chain data from IntoTheBlock indicates that 417.19 trillion SHIB tokens are held by 25,310 addresses at an average price of $0.000018. This shows the importance of the $0.000018 price level, where SHIB is currently trading.

Market Speculation and Future Outlook

The market is closely watching SHIB’s price for signs of potential breakout or further consolidation. A decisive move above the daily moving averages could indicate a bullish trend. Should the broader cryptocurrency market turn bullish, SHIB may benefit from increased investor confidence and trading activity.

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