The Ethereum-based popular memecoin project Shiba Inu (SHIB) recently experienced a notable increase of 2,682% in its daily burn rate, capturing everyone’s attention. However, despite this, the SHIB price has shown less than expected growth in the last 24 hours, continuing to trade around $0.000018.
Noteworthy Data on the SHIB Front
According to hourly updates shared by the Shibburn team on their X account, 18,617,208 SHIB were burned in the last 24 hours, drawing attention with a 2,682.44% increase in the daily burn rate. Despite the impressive increase in the burn rate, the SHIB price has only risen by 0.49% in the last 24 hours to $0.00001813, continuing its weekly 12% decline.
Several factors can explain this modest price movement. The overall sentiment in the cryptocurrency market has mostly remained weak this week, supported by Bitcoin falling to its lowest level in the past month. The performance of major cryptocurrencies like Bitcoin and Ethereum can often affect the general crypto market. If these leading assets experience volatility or downtrends, it can be challenging for altcoin projects like SHIB to attract investor interest.
If the broader cryptocurrency market turns bullish, SHIB could benefit from increased investor confidence and trading activity. Shiba Inu fell to $0.00001696 on June 18 and has since traded within a narrow range of $0.0000173 to $0.0000188.
What to Expect for SHIB?
According to on-chain data from blockchain data analysis platform IntoTheBlock, 417.19 trillion SHIB are held at 25,310 addresses within Shiba Inu’s current trading range of $0.000017 to $0.000019, with an average price of $0.000018. This scenario continues to highlight the importance of the $0.000018 level, where the SHIB price is currently trading.
Meanwhile, market speculators are closely watching the SHIB price, looking for signs of a potential rise or further consolidation. In the short term, a definitive break above the daily moving averages could indicate a bullish trend.
