Shiba Inu has surged by 14% in the past 24 hours, with the SHIB price moving to $0.00001958 on a day when the overall market has gained only 1%.
SHIB is now up by 35% in a week and 39% in the past month, also boasting a healthy 170% increase over the past year.
This makes it one of the best-performing major meme tokens this year, with its recent jumps driven by a surge in its burn rate.
With over 400 trillion SHIB burned to date, the relative reduction in the coin’s supply is likely to keep pushing its price up over time.
According to data from Shibburn, Shiba Inu’s burn rate has increased by a whopping 33,818% in the past 24 hours.
This uptick partly results from rising Shibarium usage, with daily transactions more than doubling in the past week.
An increase in burning has caused a spike in bullish sentiment, with significant burns attracting lots of attention today.
This excitement is clearly reflected in the SHIB price, with the coin’s chart showing strong momentum.
For instance, its relative strength index (purple) has been above 70 and nearing 80 for well over a day.
Its 30-period moving average (orange) is also climbing further above the 200-period average (blue), indicating that SHIB has entered a new expansionary phase.
What’s especially encouraging is that SHIB’s trading volume has exploded in the past few days, surpassing $2 billion today.
It’s arguable that such an increase was overdue, with SHIB having underperformed for much of 2024.
This suggests the coin has a lot of catching up to do, and it could continue rising steadily throughout the end of the year.
The SHIB price may hit $0.000020 over the weekend and then $0.000030 by the end of November.
BREAKING: Someone just burned 1.8 Billion $SHIB! If you own Shiba Inu let all crypto know 🔥🔥🔥🔥 https://t.co/IalEb0CtdJ — Oscar Ramos (@realOscarRamos1) September 26, 2024
