Shiba Inu (SHIB) is experiencing an unprecedented surge, marking a 33.78% increase in just 24 hours to reach $0.00002663, continuing its remarkable run without signs of slowing. This latest jump is part of a larger trend that has seen SHIB skyrocket by over 177% in the past week and an impressive 196% over the past month. This momentum has propelled SHIB past the $0.00001 resistance level, which had been a significant barrier for over a year, setting the stage for potentially more aggressive gains.
The meme coin’s ascent is occurring alongside a broader market rally, spearheaded by Bitcoin’s leap to $64,000, its highest point since November 2021. This positive market sentiment is bolstering many altcoins, including Shiba Inu, which may continue its climb towards its all-time high (ATH) of $0.00008845 due to its market correlation.
A significant factor contributing to SHIB’s price appreciation is the ongoing token burn, with Shibburn reporting the removal of 68,774,992 SHIB from circulation in the last 24 hours, marking a 3.74% increase in the burn rate. This deflationary strategy, coupled with the wider market’s resurgence, is positioning Shiba Inu for potentially another historic rally, despite the lack of internal triggers specific to SHIB itself.
