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Shiba Inu Rises 10% as Price Rebounds from Key Support

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Mon, 05/23/2022 - 09:14
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Tomiwabold Olajide
Shiba Inu has risen by nearly 10% in the last 24 hours
Shiba Inu Rises 10% as Price Rebounds from Key Support
Cover image via stock.adobe.com

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As seen on CoinMarketCap data, Shiba Inu has risen by nearly 10% in the last 24 hours and was trading at $0.00001245.

Shiba Inu rose from lows of $0.0000113 on May 21, having reached significant support at this key level, to reach highs of $0.0001296 today, thus setting up to mark the third consecutive day in the green.

The rebound comes as SHIB suffered significant losses earlier in May, dipping as low as $0.000008. Despite price declines, Shiba Inu holders continue to increase. According to WhaleStats, the total number of SHIB holders is currently 1,167,954.

TradingView
SHIB/USD Daily Chart, Source: TradingView

Other positive developments are also awaited in the coming weeks. On May 21, SHIB's lead developer, Shytoshi Kusama, wrote, "Thanks for letting me push in silence for this week. Next week, things will begin to get interesting. Also seen some GREAT art from @PlaysideStudios for our Shib CCG. Can't wait to share. great workmates!"

In the past week, Shiba Inu received positive news concerning its adoption. As reported by U.Today, Shiba Inu can now be accepted by thousands of restaurants in 65 countries as Lavu and Verifone announced a cross-distribution partnership.

580 million SHIB burned within 24 hours as burn portal reaches 50 billion milestone

According to Shibburn's Twitter handle, in the past 24 hours, there have been a total of 580,638,304 SHIB tokens burned and 51 transactions made. This number had increased to 666,278,622 SHIB at press time, with the Shiba Inu burn rate rising by nearly 40%. Though not guaranteed, burning removes tokens from circulation, thus creating scarcity, which might ultimately impact the price.

Also, the SHIB burn portal, which was launched in late April, has achieved a major milestone of burning 50 billion SHIB tokens in less than a month of its operations. According to reports, over 50 billion SHIB left circulation via the burn portal through multiple transactions in the last four weeks.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.