Shiba Inu's price movement today is largely influenced by a combination of factors, including the continued rise of Bitcoin and the increasing burn rate of SHIB tokens. Bitcoin's approach towards its all-time high has sparked interest in altcoins, including Shiba Inu, as investors look to diversify their portfolios. Additionally, the burn rate of Shiba Inu tokens has surged by 950%, with over 30 million SHIB tokens burned recently, reducing the circulating supply and potentially increasing the token's value. The Shibarium network's milestone of surpassing 800 million transactions also adds to the positive sentiment, as it indicates growing adoption and utility within the Shiba Inu ecosystem.
The recent increase in daily active addresses by 54% over the past week further underscores the growing interest and adoption of Shiba Inu. This uptick in activity suggests that more users are engaging with the Shiba Inu network, which could be a precursor to further price appreciation. The technical analysis indicates that Shiba Inu has maintained its position above the 200-day moving average, and a break above the resistance level of $0.000025 could signal more gains, potentially reaching $0.000033.
Shiba Inu's price has increased by 4.85% today, reaching a current price of $0.000021. The token's price fluctuated between a low of $0.000020 and a high of $0.000021 throughout the day.