Popular cryptocurrency project Shiba Inu (SHIB) has once again drawn attention in the crypto world by showing remarkable resilience amid recent market turbulence. Despite facing significant sales, the altcoin’s price has maintained its upward trajectory above the critical resistance level of 0.00002315 dollars, demonstrating notable strength. During this display of strength, Shiba Inu’s token burning rate increased by over 1000%.
Significant Increase in Token Burning Rate Boosts Optimism
The recent resilience of Shiba Inu has fueled optimism among market participants and allowed the altcoin to challenge traditional market trends. According to data provided by Shibburn, which tracks token burns for Shiba Inu, the recent increase in the token burning rate is contributing to the bullish sentiment.
According to the data, the altcoin’s token burning rate has increased by an astonishing rate of 1009% in the last 24 hours, resulting in 29.11 million SHIB tokens being burned and removed from circulation. This increase in token burning activity is reducing the overall supply of the altcoin, indicating a continuing trend of improving SHIB’s tokenomics.
Price Momentum Maintained
With the recent strong increase in token burning activity, SHIB’s price trajectory is showing upward momentum in alignment with the broader market trend. Once again, the altcoin has surpassed a psychologically important level of 0.000025 dollars, increasing investor interest in Shiba Inu’s future price movements. Despite significant SHIB sales pressure from various large wallets, the altcoin continues its upward movement, showing resilience.
As of the preparation of this article, SHIB’s price has risen by 7.46% in the last 24 hours, trading at 0.00002472 dollars. Meanwhile, its market value has increased by 7.48%, and there has also been a notable increase in trading volume, indicating that investors are predominantly bullish on the altcoin.
On-chain data from Coinglass shows a SHIB liquidation worth 90.39 thousand dollars, indicating reduced selling pressure. Additionally, Shiba Inu’s open interest has increased by 13.73% in the last 24 hours, reaching 64.76 million dollars, which shows growing investor interest in the altcoin.
