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The Shiba Inu community is witnessing an astonishing surge in the burn rate of SHIB tokens, with over 7,700% increase in the past 24 hours, resulting in more than half a billion SHIB tokens being sent to dormant wallets.
Remarkable Spike in SHIB Burn Rate
Data from the Shibburn website reveals a remarkable spike in the SHIB burn rate. In just the last 24 hours, a staggering 266,727,310 SHIB tokens were incinerated through 21 transactions. Looking back at the past week, a substantial 544,958,383 SHIB tokens have been burned in 284 transactions, indicating a growing trend.
Price Rally and Correction
This surge in the SHIB burn rate coincided with Shiba Inu’s recent price rally. On October 26, the Shiba Inu token reached a two-month high, hitting $0.00000825, signaling a bullish comeback. However, profit-taking led to a slight dip in prices, with SHIB trading at $0.00000757 on October 27.
Resumption of Uptrend
The upward momentum was restored on October 28, as Shiba Inu’s price continued to rise during early Sunday trading. At the time of writing, SHIB was up by 3.29% in the last 24 hours, reaching $0.00000807. Over the past week, it had surged by an impressive 15.40%.
Consistent Gains for SHIB
Shiba Inu’s positive performance began on October 19 when it reached a low of $0.0000066. Since then, SHIB has spent the majority of the last eleven days in the green. The breakthrough came as SHIB crossed the critical daily Moving Average (MA) 50 barrier, previously impeding its price since August. This accomplishment now positions SHIB for a potential breakthrough towards its next significant price target.
Future Prospects for Shiba Inu
For Shiba Inu to continue its current surge, the bulls must conquer the daily MA 200 barrier at $0.00000823. If this level is breached, it may pave the way for a new rally targeting the $0.00001134 mark.
Shiba Inu Teases “Good Surprise”
Adding to the excitement, the official Shiba Inu X account has teased a “good surprise” for the community. The announcement hints at the imminent revelation of the SHIB identity, heralding a transformative moment in the blockchain space. Shiba Inu has disclosed that the first step toward unveiling this unique SHIB identity is on the horizon. As the countdown to this exciting reveal commences, the community is also treated to a generous $5,000 SHIB giveaway, further fueling the enthusiasm among Shiba Inu supporters.
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