Shiba Inu (SHIB) experienced a price jump in today’s trading, reaching highs of $0.0000096. The price increase coincides with a significant increase in the SHIB burn rate, which has recovered from yesterday’s decreases.
According to Shibburn, a website that tracks the amount of SHIB tokens burned, the burn rate has surged by 1,530.16% in the last 24 hours as millions of SHIB have been sent to dead wallets.
In the last 24 hours, a total of 61,685,012 SHIB tokens were burned in 15 transactions.
The market had a bullish turnaround as investors grew optimistic about the Federal Reserve’s interest-rate decision this week, having assigned approximately even odds to a drop in March.
Material changes to this outlook might have a significant influence on Bitcoin and the rest of the crypto markets, which are sensitive to changes in sentiment and perceptions of liquidity.
At the time of writing, SHIB had pared some of its intraday gains and was up 3.95% in the previous 24 hours to $0.0000093. Shiba Inu’s 24-hour trading volume increased by 51%, with $127.21 million worth of SHIB exchanged in the said time frame.
On the upside, bulls aim to erase an extra zero from the SHIB price, targeting a sustained break past the daily MA 50 at $0.0000099.
On the other hand, the $0.0000085 support, which protected SHIB from further declines three times in January, would be a key level to watch if the SHIB price plummets.
Meanwhile, Shiba Inu layer-2 continues to witness growth. According to the Shibariumscan Explorer, total transactions are now at 320,705,642. Wallet addresses are now at 1,344,539, while total blocks are at 2,909,545.
According to Shiba Inu team member Lucie, in the future, Shibarium aspires to onboard 1,000 projects through numerous partnerships, adding to the existing projects on the platform.