Shiba Inu (SHIB), along with a few other virtual currencies, has seen a positive increase in value as the market as a whole seems to be on the mend. Shiba Inu is now selling at a spot price of $0.000008944, up more than 3% in the previous day.
This price increase is notable as the first positive upswing for the second-largest meme currency, which, according to statistics from CoinMarketCap, is still down around 10.44% over the last week. Through repeated SHIB token burns, the foundation for development has been laid. Shiba Inu has burned more than six billion tokens over the previous three days as the protocol’s burn rate has remained continuously high, as persistently reported by U.Today.
The reduction in the total amount of meme coins in circulation is a key indicator of this burning event’s significance. The most recent increase in the price of SHIB may be attributed to the network’s imbibed scarcity, which will inevitably result in a favourable rise in price when combined with the usual spike in demand.
This theory is strengthened by the coin’s 24-hour trading volume’s 8% increase.
Shiba Inu moving forward, here’s what to expect
In actuality, many devoted meme fans are not surprised by the increase in the price of Shiba Inu. This is due to the token’s reputation for more severe volatility, which contributes to a considerable increase in price during periods of rising sentimental favorability.
The bullish spike was slower than usual, which suggests some relative stability. Going forward, we may anticipate slower but more consistent price increase for the meme currency. In the foreseeable future, the buzz around new meme coin competitors like PEPE may potentially cause the growth to halt down.
SHIB is now striving to maintain its support at the $0.0000085 price level.
