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Shiba Inu has seen an uptick in key metrics in the last 24 hours as bulls make a return to the market.
Crypto markets saw gains as traders reacted to Fed expectations and increased ETF inflows into Ethereum. The price of the second-largest cryptocurrency rose nearly 30%, and the bulk of other cryptocurrencies, or altcoins, followed suit.
Altcoins rose further late Tuesday after Treasury Secretary Scott Bessent indicated that the Federal Reserve should weigh a 50-basis-point rate cut at its upcoming September meeting.
The Shiba Inu price surged 8% in the last 24 hours, extending its rebound from Monday's low of $0.00001271. The rally exceeded the 200-day SMA at $0.00001355 to reach $0.00001398 in early Wednesday session.
Around press time, Shiba Inu was trading at $0.00001398, with trading volume increasing 27% in the last 24 hours to $330 million, as traders sought to profit from the recent market volatility. The SHIB price has risen 15% over the past seven days.
With a return of bullish sentiment to the market, Shiba Inu has seen a staggering increase in its burn rate, with millions of SHIB sent to dead wallets.
Shiba Inu burn rate surges 78,273.79%
Shiba Inu is benefiting from renewed bullish momentum on the crypto market, which is reflected in an increase in the burn rate.
According to data from Shibburn, a total of 87,958,122 SHIB have been burned in the last 24 hours, marking a burn rate increase of 78,273.79%. This has contributed to over 100 million SHIB burned on a weekly basis.
In the last seven days, according to Shibburn, a total of 101,629,497 SHIB has been burned, marking a 637.92% surge in burn rate.
As Shiba Inu price achieves a critical breakout past the 200-day SMA, which capped its price since late July, eyes are on a sustained breach past $0.000014 with the potential to reach $0.000016 and $0.000018 if achieved.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team