Introduction
Shiba Inu burn and Shibarium move are like two sparks that can ignite SHIB recovery. However, there is doom and gloom in the crypto world due to the never-seen-before interest hike by federal reserves. So, the sudden rise in price due to Shiba Inu burn is welcome but also puzzling for SHIB investors.
SHIB Experiences Sudden Price Rise because of Shiba Inu Burn
Shiba Inu coin has risen from the ashes and showing signs of recovery in the last 24 hours. It is excellent news for long-term and new SHIB investors.
At the time of writing, the value of Shiba Inu rose to $0.00001051. Within a day, SHIB’s price jumped from 0.000007979 to a high of 0.00001051, losing a zero in the process.
Shiba Inu coin’s meteoric rise comes despite the interest hike by federal reserves, which sent the price of Bitcoin and altcoins way below investors’ expectations.
Market experts believe that the rise in the value of Shiba Inu can result from reduced capitalization and liquidity. Frequent Shiba Inu burn could have also played a role in the sudden spike.
Shiba Inu burn resulted in the burning of 95 million SHIB in the last 24 hours. At the time of writing, the SHIB burn rate is as high as 41.54%.
It is worth noting that Johnson’s and Amazon stores burned 70 million tokens during the past weekend.
One can also attribute Shiba Inu’s meteoric rise to a move to Shibarium, which is a much-anticipated blockchain/layer-2 solution.
After the founder of Shiba Inu Ryoshi left the project, the coin experienced a significant downturn in its fortunes. But the recent spurt in price is very promising amid the doom and gloom in the entire crypto industry.
Although the current rise in SHIB price is very promising, at the time of writing, the Shiba Inu coin was not even close to its all-time high of $0.00008845 last year.
Conclusion
The start of June 2022 was highly damaging for the crypto industry, including the Shiba Inu coin. But it seems like Shiba Inu burn has paid off eventually, causing a surge in price after a long time. Even though the Shiba Inu price is nowhere near its AHT, it is showing signs of recovery. Overall, the crypto market is in a meltdown state, but the Shiba Inu coin has demonstrated in the past that it can fly with the strong support of its SHIBArmy. Now that Shiba Inu followers are entirely behind their favorite crypto, we can expect good things soon.
Also read: Shiba Inu Price Forecast 2022-2030