Shiba Inu (SHIB) has made a remarkable entry with its recent price surge in the ever-evolving world of cryptocurrencies. As of November 11, this Ethereum-based altcoin is attracting global attention. Its price rally signifies a noteworthy shift in the crypto market.
Moreover, an intriguing aspect is the coin’s burn rate. Data from Shibburn reveals a significant 62.21% decrease in the last 24 hours. Over 46.14 million SHIB tokens were burnt during this period. This move counters yesterday’s burn report, indicating a dynamic strategy by the Shiba community.
📈#ShibaInu once again gains significant traction in the world of cryptocurrencies as the coin price rallies 🚀
— Crypto News (CoinGape) (@CoinGapeMedia) November 11, 2023
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Additionally, the total burned SHIB tokens exceeded 410 trillion. This massive number stems from community efforts to improve SHIB tokenomics. The primary aim of burning these tokens is to create scarcity. Consequently, this scarcity is intended to boost the remaining tokens’ value.
Significantly, this burning process helps control potential inflation. It counters effects from increased token minting or distribution. Hence, it’s a critical aspect of the coin’s economic design. This method is a proactive approach to managing the coin’s long-term value.
Furthermore, data from ShibariumScan sheds light on the Shiba Inu Layer 2 network, Shibarium. It reports a notable decrease in network activity. The number of blocks created dropped by 38%. However, the SHIB price continues its upward trajectory, keeping market enthusiasts engaged.
The daily SHIB/USDT trading chart on Binance reveals interesting trends. Covering mid-June to early November, it showcases significant volatility. The latest trend is a sharp price increase. This surge is accompanied by a spike in trading volume, indicating robust buying interest. At press time, Shiba Inu’s price is $0.000009, witnessing a massive 12.46% increase in the last 24 hours.
The chart also features a 50-day EMA line, which helps identify market trends. Recently, the price broke above this line, signaling bullish momentum. The Relative Strength Index (RSI) also hovers above 64, nearing overbought territory. This move suggests a potential market pullback, as the asset might be overbought.
The latest data shows that the closing price is higher than the opening, reaffirming the bullish sentiment. Traders may find this momentum appealing. Nonetheless, they should also be wary of possible retracements. Such market dynamics demand careful analysis and strategy.
The Shiba Inu coin is experiencing a significant phase in its journey. With its increasing price, changing burn rate, and fluctuating network activity, SHIB remains a focal point in the crypto world. Investors and enthusiasts should stay informed about these developments, as they could shape future market trends.
