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Dog-themed cryptocurrency Shiba Inu (SHIB) has seen a 10% price increase in the last 24 hours, despite a minute 39 trillion SHIB tokens being burned during this period.
According to the Shibburn website, 39,593,693 SHIB tokens were burned in the last 24 hours, marking a 305% increase in the daily burn rate.
A single transaction carrying about 38 million SHIB to be burned has largely contributed to the rise in the token’s burn rate over the past 24 hours.
Shibburn’s most recent X update shows that “38,126,361 SHIB were transferred to dead wallet” in one transaction.
At the time of writing, SHIB was up 9.59% in the last 24 hours to $0.00001867. SHIB’s recent performance suggests that other factors might be driving its price, outside of SHIB’s burns. Broader market sentiment and speculative trading might also be contributing to this upward trend.
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Bitcoin surpassed $71,000 for the first time since June, boosted by inflows into dedicated exchange-traded funds. Shiba Inu and other dog-themed cryptocurrencies have also risen in value.
SHIB price eyes breakout
After three days of continuous gains following last Friday’s dump, which saw SHIB plummet to lows of $0.0000158, Shiba Inu saw a price surge above the daily SMA at $0.0000186, reaching highs of $0.000019 early in today’s trading session.
According to on-chain data, this range constituted a significant barrier where an enormous quantity of SHIB was being held.
According to IntoTheBlock data, 425.08 trillion SHIB were bought in the range between $0.000017 and $0.000019 by 44,060 addresses where Shiba Inu currently trades.
A decisive break above this range would be required for SHIB to maintain its bullish momentum. In this case, Shiba Inu may aim for the $0.0000216 level next, and then $0.000029.
On the downside, a break below $0.0000158 might send Shiba Inu to the lower end of its current range, with support around $0.0000107.
