Shiba Inu surged nearly 7% in the past 24 hours, reaching $0.00000499 despite weakness in the broader crypto market. This unexpected rally comes as weekly token burns hit a one-year high, with nearly 3 billion SHIB removed from circulation. The burn activity is signaling scarce supply, which traders see as bullish momentum in a market that otherwise slid 0.78% to $2.16 trillion.
Shibburn’s latest data reveals that 2.98 billion SHIB tokens were taken out of circulation last week, the largest weekly reduction since mid-2022. This has energized the community, pushing the price upward and encouraging technical traders who watch key levels around $0.00000520. Breaking through this resistance could spark further gains as the token’s scarcity tightens.
Meanwhile, major cryptocurrencies like Bitcoin and Ethereum showed modest gains of 1.7% and 2.1% respectively, but none matched SHIB’s jump. The burn mechanism appears to be playing a significant role in driving Shiba Inu’s outperformance, highlighting how supply control strategies can influence investor sentiment even when the overall market cools off. This dynamic sets SHIB apart as it continues to rally while many altcoins remain flat or lose ground.
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