The Shiba Inu burn rate skyrocketed as millions of SHIB tokens were sent to unusable wallets. According to the Shibburn website, the SHIB burn rate has increased by 7,700% in the last 24 hours. In this context, a total of 266,727,310 SHIB tokens were burned in 21 transactions. Meanwhile, over half a billion SHIBs were burned in the week just completed.
Shibburn shows that 544,958,383 SHIB tokens were burned in 284 transactions over the last seven days. The Shiba Inu price reached a two-month high of $0.00000825 on October 26 as the market began to rally.
SHIB made some profits after this high. Additionally, prices dropped to $0.00000757 on October 27. On October 28, the Shiba Inu price rebounded and continued to rise in early trading today. SHIB increased by 3.29% in the last 24 hours to $0.00000807. Additionally, at the time of writing this news, it increased by 15.40% in the last seven days.
SHIB hit a low of $0.0000066 on October 19. It has been rising steadily since then. Following this, SHIB has spent nine of the last eleven days in the green. SHIB broke through the important daily MA 50 barrier at $0.00000726, which has been hindering its price since August. With this success, SHIB is once again approaching a price target that could spark its next big move.
SHIB bulls now have to break the daily MA 200 barrier at $0.00000823 to extend the current uptrend. In this context, if this is surpassed, it is possible that SHIB will initiate a new move targeting the $0.00001134 level.
The official Shiba Inu X account posted an exciting message that his SHIB identity will be revealed soon. He told the community to be ready for a seismic shift in the blockchain world. Shiba Inu announced his “beautiful surprise” to his community. He noted that the first step towards unlocking a unique SHIB identity is on the horizon. As the countdown began towards the announcement, he also announced a $5,000 SHIB gift.