- The Shiba Inu burn rate soared by 6,223%, burning 281,875 SHIB in 24 hours, reducing the circulating supply to 583 trillion tokens.
- Over the past 24 hours, SHIB price jumped 4.98%, trading at $0.000025. SHIB price has surged 31% monthly and 144% year-to-date.
Shiba Inu (SHIB) has seen an incredible increase in burn rate, raising hopes among investors that the meme coin could reach its previous all-time high (ATH) even after tough times. Over the past few weeks, its consumption rate has jumped an incredible 6,223%, demonstrating a strong desire to reduce supply and create shortages – two key drivers of rising prices.
According to the latest datain 24 hours, 281,875 SHIBs were burned. More than 410 trillion SHIBs have been destroyed in recent months, bringing the circulating supply down to approximately 583 trillion tokens. Such a massive effort may make the cryptocurrency’s supply more limited, with analysts envisioning a positive change in SHIB if supply continues to decline.
Shiba Inu consumption rate is increasing just as the crypto market shows signs of recovery, now worth over $3 trillion. Even though the Shiba Inu is still down more than 70% from its peak, the higher burn rate and market recovery could soon lead to higher prices.
Is Shiba Inu ready for the new ATH?
The Shiba Inu price has started to rise, showing the results of recent efforts. In the last 24 hours, SHIB price also jumped by 4.98% and is trading at $0.000025, according to CNF. SHIB Price Index. Over the past month, its price has jumped more than 31%, bringing its annual rise to more than 144%.
Besides the continued support from the SHIB community, key updates coming from the development team are considered the most reasonable factors for such a surge in Shiba Inu prices. The Shibarium burn portal has been helpful in this regard by providing an easy way for users to contribute to reducing the token supply. This move transformed SHIB from a meme coin into a platform with real-world uses, creating more demand.
Looking at the major trends, Shiba Inu seems to be preparing for a possible price hike. After months of consolidation, SHIB is testing key resistance set at $0.000025. If it maintains the level, it could open the way for a new upside resistance set at $0.00003. A break above would mean new highs, returning to the previous ATH.
One of the factors boosting sentiment is the recent upward movement in SHIB’s 50- and 200-day moving averages. Both of these key signals have recently been broken to the upside, suggesting that SHIB may be entering a bullish period. More importantly, volumes have increased, indicating that investor interest in SHIB is increasing and could drive its price higher.
61% of Shiba Inu owners make a profit
On-chain data shows that large investors, or whales, are increasingly active in the Shiba Inu market. Over the past week, transactions above $100,000 totaled $2.69 billion, indicating strong interest. Around 61% of Shiba Inu owners make a profit, which could encourage more purchases if prices continue to rise.
However, there is a warning. About 31% of SHIB addresses are lost, showing that some holders are struggling with current prices. Adding to the risk is the fact that whales control 73% of SHIB. While they can help support prices, their ability to influence the market means that massive sell-offs could cause sudden declines. Nonetheless, trading volume remains high at 3.4 trillion SHIB over the past 24 hours, indicating that the market is still active.