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Often referred to as the “Dogecoin killer,” Shiba Inu‘s (SHIB) price has seen a significant increase in the last 24 hours, coinciding with a notable 1,300% increase in the SHIB burn rate. This rise has caught the attention of investors, especially after the altcoin‘s price correction to $0.000024 last month. Moreover, with Shiba Inu’s price recovery and its approach to the $0.00003 level, interest in the altcoin seems to be resurging.
SHIB Burn Rate Increases Alongside Price
According to data provided by Shibburn, Shiba Inu’s token burn rate has astonishingly increased by 1,344.14%, resulting in the burning of 135.45 million SHIB in the last 24 hours, thus reducing its circulation. This increase in the token burn rate is providing support for Shiba Inu amidst market fluctuations.
Despite notable fluctuations in recent days, Shiba Inu’s on-chain data currently indicates a strong upward trend in market sentiment surrounding the altcoin. According to the latest data, Shiba Inu’s market value has increased by 2.28% to $16.81 billion, while its 24-hour trading volume has risen by 12.63% to $668.27 million. These metrics have fueled optimism among investors despite the recent price swings.
Market observers consider SHIB’s listing on Nexo, a leading international cryptocurrency exchange, to have contributed to the recent price increase. This listing has extended SHIB’s accessibility to a broader audience of traders and investors, potentially generating more demand.
High Activity in Derivatives Market
The recent price surge in SHIB, reflecting a 6% increase in the last 24 hours, is accompanied by various bullish factors, including a significant increase in the observed token burn rate. Additionally, data from Coinglass indicates a 4.93% increase in SHIB’s open interest in the derivatives market and a 10.26% jump in derivatives volume.
A technical perspective on the altcoin shows that $0.000029 is an important resistance level. Overcoming this resistance, especially with ongoing SHIB burns and increased buying pressure in the market, could pave the way for further gains.
As the 4th Bitcoin block reward halving approaches, investors continue to focus on altcoins, and Shiba Inu’s recent price rise in SHIB serves as a beacon of hope for those expecting further growth in the cryptocurrency market.
