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Shiba Inu Skyrockets 243% Yet SHIB Price Not Moving

Sun, 30/06/2024 – 9:35

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Shiba Inu (SHIB) has experienced an impressive surge in its daily SHIB burn rate, skyrocketing by 243%. Despite this significant increase, the price of SHIB has remained relatively stagnant, barely moving and remaining in a tight range over the past two days.

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According to Shibburn X handle, 20,198,590 SHIB were burned in the last 24 hours, representing a 243.67% increase in burn rate.

Despite the substantial burn rate increase, SHIB’s price has shown minimal movement. Over the last two days, the price has held steady, fluctuating in a narrow range between $0.0000166 and $0.0000172.

Several factors, including market sentiment, could contribute to SHIB’s price lull despite the increased burn rate. Individual token prices may be influenced by the overall sentiment in the cryptocurrency market, which might be positive, negative, or neutral. The lack of price movement might suggest that other market forces are at play, overshadowing the burn rate’s impact.

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The crypto market led by Bitcoin experienced boring price action over the weekend, with the proportion of Bitcoin traded falling to an all-time low of 16% this year. The lackluster action has spread to Shiba Inu, as evidenced by its price.

Shiba Inu team on SHIB, BONE, LEASH, SHEB: “We Aren’t Stopping”

Shiba Inu team member Lucie has delivered an invigorating massage to the SHIB community: “We aren’t stopping on SHIB, BONE, LEASH, SHEB.”

As the market faces a period of uncertainty as reflected in dwindling prices, Lucie reiterates the Shiba Inu team’s commitment to the project’s growth and development. Their focus spans across the ecosystem’s key tokens — SHIB, BONE, LEASH and the newly introduced SHEB.

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As the Shiba Inu community continues to rally behind SHIB, BONE, LEASH and SHEB, the market watches with bated breath to see how these tokens evolve in the coming days.

At the time of writing, SHIB was down 0.27% in the last 24 hours to $0.00001699.

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