In today’s trade, Shiba Inu (SHIB) had a spike in price, peaking at $0.0000096. The SHIB burn rate has significantly increased in tandem with the price rise; it has recovered from yesterday’s losses.
Millions of SHIB have been sent to dead wallets in the previous 24 hours, causing the burn rate to increase by 1,530.16%, according to Shibburn, a website that keeps track of the quantity of SHIB tokens burnt.
https://x.com/shibburn/status/1752195203950170487?s=20
Fifteen transactions totaling 61,685,012 SHIB tokens were burnt in the last day.
After placing almost even chances on a decline in March, investors’ optimism about the Federal Reserve’s interest-rate decision this week led to a positive turnaround in the market.
Due to their sensitivity to shifts in mood and perceptions of liquidity, Bitcoin and the other cryptocurrency markets might be significantly impacted by material changes to this outlook.
As of this writing, SHIB had surrendered some of its intraday gains and was up $0.0000093, or 3.95%, over the previous day. The 24-hour trading volume on Shiba Inu saw a 51% surge, with $127.21 million worth of SHIB traded within that period.
Bulls want to remove one more zero from the SHIB price in order to make a strong move over the daily MA 50, which is now at $0.0000099.
On the other side, if the price of SHIB falls, it would be important to keep an eye on the $0.0000085 support, which kept SHIB from declining three times in January.
Shiba Inu layer-2 is still expanding in the meantime. The Shibariumscan Explorer indicates that there have been 320,705,642 transactions in total to date. There are now 1,344,539 wallet addresses and 2,909,545 total blocks.
In the future, Shibarium hopes to enrol 1,000 projects through several collaborations, expanding the number of projects already on the platform, according to Lucie, a member of the Shiba Inu team.
