Shiba Inu Cryptocurrency Price Soars as Over 13 Billion SHIB Tokens Are Burned

The meme cryptocurrency Shiba Inu (SHIB) has been attracting attention in the market amid its impressive rise in the last month, standing out in the current bull rally in the market, driven by Bitcoin, which has been breaking new heights and, recently, reached the zone of US$70 thousand.

It is worth noting that, in recent days, SHIB has experienced a very significant price increase, driven by several factors, including the efforts of its community in an attempt to reduce its supply in circulation through the burning of tokens.

Data released by the Shibburn platform shows that in just 24 hours more than 13 billion SHIB tokens were burned in circulation. The action suggests the SHIB community’s effort to increase the value of Shiba Inu by reducing supply. To date, 410.72 billion SHIB tokens of the original supply have been burned.

At the time of publication, the Shiba Inu price was quoted at US$0.00003428, up 1.1% in the last 24 hours. During this period, the meme cryptocurrency recorded a trading volume of US$2,480,985,923. In the last seven days, SHIB has increased its price by 31.0%.

Shiba Inu Soars 500% in Two Weeks: Growth Potential Could Be Even Greater

With the cryptocurrency market rising and Bitcoin about to retest the US$70,000 zone, Shiba Inu (SHIB) has just attracted attention by entering the top ten cryptos by market value, following an impressive rise. This meme coin, which is often a topic among investors and sector enthusiasts, seems to know no limits in its upward trajectory.

Recently, market analyst Rekt Capital shared his optimistic view on the future of SHIB. After appreciating nearly 500% in two weeks, reaching $0.00004567, it suggests that Shiba Inu is on track to complete a U-shaped macro reversal and could trade close to $0.00006656. plus 100% for SHIB. This impressive metric points to even greater growth potential, fueling expectations of an explosion in the meme cryptocurrency’s price.

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The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.