Due to the delivery of millions of SHIB tokens to inactive wallets, the Shiba Inu burn rate has increased dramatically.
The Shibburn website reports that in the past 24 hours, there has been a 7,700% rise in the SHIB burn rate, with a total of 266,727,310 SHIB tokens burnt in 21 transactions.
In the meantime, the last week saw the burning of more over 500 billion SHIB. According to Shibburn, within the past seven days, 284 transactions have burnt 544,958,383 SHIB tokens.
The price of the Shiba Inu hit a two-month high of $0.00000825 on October 26 amid a positive rebound in the market. After reaching this peak, Shiba Inu saw some profit-taking, and on October 27, prices dropped to $0.00000757.
SHIB has been climbing consistently since it reached lows of $0.0000066 on October 19. After then, SHIB has been in the green for nine of the last eleven days. The daily MA 50 barrier of $0.00000726, which had been holding back SHIB’s price since August, was breached.
With this success, SHIB is getting closer to a price goal that may lead to its next major move.
Bulls in Shiba Inus now need to break over the daily MA 200 barrier at $0.00000823 in order to continue the current rally. Should this be overcome, Shiba Inu may make a fresh attack with the goal of hitting the $0.00001134 mark.
Shiba Inu teases “good surprise”
A thrilling announcement about the impending reveal of the SHIB identity is sent out by the official Shiba Inu X account, alerting the community to the impending seismic upheaval in the blockchain industry.
With a statement that the first step towards revealing a distinctive SHIB identity was approaching, Shiba Inu revealed its “good surprise” to its community. It also announces a $5,000 SHIB prize as the countdown to the unveiling gets underway.
According to its definition, self-sovereign identification is a collection of technologies and protocols that let a user in a system keep both their wallet’s contents and their identity (along with other validated credentials).
