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As the second-largest meme token by market value, Shiba Inu (SHIB) has recently garnered significant interest in the crypto community with a noteworthy 24-hour price increase.
Investor Interest in SHIB
SHIB’s price is trending upwards, breaking through critical resistance levels and reaching new highs. Currently, the Shiba Inu Coin is trading at $0.0000319, indicating a 7% increase within the last day.
According to the website 21milyon.com, Shiba Inu currently holds a market value of $18.76 billion, ranking it as the 11th most valuable cryptocurrency. Despite a slight 2% decrease in 24-hour trading volume, the crypto’s current level of $1.72 billion continues to attract the attention of both analysts and investors, suggesting a sustained strong interest in its financial journey.
Historical Data on SHIB
In the past two weeks, Shiba Inu’s price has increased by 187%, rising from $0.00001 to over $0.000031. This surge reflects strong investor confidence. The cryptocurrency gained an additional 17% in value last week. Such buying pressure may indicate a bullish outlook among investors. Other major cryptocurrencies are also performing well, with Bitcoin surpassing $70,000 and Ethereum exceeding $3,500. These increases have invigorated the altcoin market and the upcoming Bitcoin halving event has further boosted market optimism.
Recent statistics from Shibburn show a significant 1055% increase in the burn rate of Shiba Inu tokens, with approximately 50.90 million tokens being removed from circulation. This process involves sending tokens to an inaccessible wallet, thereby reducing the total supply. This aggressive approach to reducing the number of tokens in circulation generally increases investor optimism. However, the day’s trading activity may provide a nuanced view of SHIB’s value. Currently, Shiba Inu faces a critical resistance level at $0.000032. Overcoming this barrier could push the price towards $0.00004 and potentially set the stage for reaching levels as high as $0.01. Conversely, a downward trend could lead the cryptocurrency back to the support level of $0.00003. If market sentiment turns even more bearish, SHIB could fall to $0.00002 and potentially drop below $0.00001, indicating a challenging period ahead for the cryptocurrency.
