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Dog-themed cryptocurrency Shiba Inu (SHIB) has seen a 10% price increase in the last 24 hours, despite a minute 39 trillion SHIB tokens being burned during this period.
According to the Shibburn website, 39,593,693 SHIB tokens were burned in the last 24 hours, marking a 305% increase in the daily burn rate.
A single transaction carrying about 38 million SHIB to be burned has largely contributed to the rise in the token's burn rate over the past 24 hours.
Shibburn's most recent X update shows that "38,126,361 SHIB were transferred to dead wallet" in one transaction.
At the time of writing, SHIB was up 9.59% in the last 24 hours to $0.00001867. SHIB's recent performance suggests that other factors might be driving its price, outside of SHIB's burns. Broader market sentiment and speculative trading might also be contributing to this upward trend.
Tomiwabold OlajideBitcoin surpassed $71,000 for the first time since June, boosted by inflows into dedicated exchange-traded funds. Shiba Inu and other dog-themed cryptocurrencies have also risen in value.
SHIB price eyes breakout
After three days of continuous gains following last Friday's dump, which saw SHIB plummet to lows of $0.0000158, Shiba Inu saw a price surge above the daily SMA at $0.0000186, reaching highs of $0.000019 early in today's trading session.
According to on-chain data, this range constituted a significant barrier where an enormous quantity of SHIB was being held.
According to IntoTheBlock data, 425.08 trillion SHIB were bought in the range between $0.000017 and $0.000019 by 44,060 addresses where Shiba Inu currently trades.
A decisive break above this range would be required for SHIB to maintain its bullish momentum. In this case, Shiba Inu may aim for the $0.0000216 level next, and then $0.000029.
On the downside, a break below $0.0000158 might send Shiba Inu to the lower end of its current range, with support around $0.0000107.
Arman Shirinyan
Alex Dovbnya
Vladislav Sopov
Dan Burgin
U.Today Editorial Team