Shiba Inu (SHIB) has seen a remarkable surge, with a 33.78% increase in just 24 hours to reach $0.00002663. This upward trend has continued without any signs of slowing down. Over the past week, SHIB has soared by over 177% and in the past month, it has seen an impressive 196% gain. Breaking through the $0.00001 resistance level, which had been a significant barrier for over a year, SHIB is now poised for more potential gains.
This surge in the meme coin’s value is happening alongside a broader market rally, led by Bitcoin reaching $64,000, its highest point since November 2021. This positive market sentiment is benefiting many altcoins, including Shiba Inu, which may continue to rise towards its all-time high (ATH) of $0.00008845 due to its market correlation.
One of the main reasons for SHIB’s price increase is the ongoing token burn, with 68,774,992 SHIB being removed from circulation in the last 24 hours, representing a 3.74% increase in the burn rate. This deflationary strategy, combined with the overall market recovery, is positioning Shiba Inu for potentially another historic rally, despite the absence of specific internal triggers for SHIB itself.