The Shiba Inu community is buzzing with excitement as the burn rate of SHIB tokens has skyrocketed by an impressive 1330%.
In just 24 hours, a staggering 34,912,694 SHIB tokens were burned, which is a promising sign for investors. This reduction in supply could enhance the token’s scarcity, potentially driving up its value.
Currently, SHIB is trading at $0.00001947, reflecting a 2.36% increase over the past day. The market capitalization has also seen a boost, reaching $11.47 billion, which is a 2.28% rise, indicating growing confidence among investors. Additionally, trading volume has surged to $634.89 million, marking a significant 21.91% increase, showcasing heightened interest in the token.
On the technical side, the daily chart reveals that SHIB’s 9-day moving average is currently above the 21-day moving average, hinting at a bullish crossover that could lead to further price increases.
