Shiba Inu (SHIB) Burning Rate Surges By 2000% Amid XRP Boost

Key Points:

• SHIB Burning Rate Soars: Shiba Inu’s burning rate (SHIB) experiences a significant surge of 2000%, with 31.7 million SHIB burned in the past 24 hours, contributing to increased network activity.
• XRP Boost and Resistance Challenges: SHIB benefits from XRP’s bullish momentum, but struggles to break resistance at $0.000008. The upcoming launch of Shibarium holds potential for price growth, though an exact release date remains uncertain.

In a significant development, the burning rate of Shiba Inu (SHIB) has witnessed a staggering increase of 2057.94%, according to Shibburn.

In the past 24 hours, a massive burn of 31.7 million SHIB was sent to dead wallets, contributing to this surge in burning activity. The reasons behind the sudden spike in burn numbers could be attributed to heightened network activity or a comparatively lower burn rate on the previous day. Interestingly, this surge in SHIB burning coincides with the positive impact of recent news from XRP, as SHIB has capitalized on the bullish momentum generated by XRP.

The recent US court ruling that declared XRP not as a security has caused excitement in the cryptocurrency industry. As a result, XRP has surged by 66.5% within the past 24 hours, surpassing other Altcoins in terms of trading volume. Shiba Inu (SHIB) is benefiting from this bullish wave, as it has experienced a 5.2% increase in the last 24 hours and a 9.1% gain in the weekly chart.

However, despite the ongoing rally, SHIB is encountering resistance in breaking above the $0.000008 mark. Although it briefly surpassed this level earlier, it struggled to maintain its position. Notably, data from IntoTheBlock reveals that a significant amount of SHIBs, totaling 24 trillion, were purchased just below the current price level. Therefore, it becomes crucial for SHIB to sustain or increase its value from here. A drop below the current levels could potentially lead to intensified selling pressure, posing risks for the token.

While Shiba Inu has faced challenges in surpassing key resistance levels, the anticipated launch of the Shibarium layer-2 solution holds promise for driving up SHIB’s price. However, an exact release date for Shibarium remains speculative, with suggestions pointing to an August launch.

In summary, the remarkable surge in the SHIB burning rate, coupled with the positive impact of XRP’s bullish wave, presents an intriguing landscape for Shiba Inu (SHIB). As the token faces resistance in breaking key price levels, all eyes remain on the upcoming Shibarium launch as a potential catalyst for further price movement.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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