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Shiba Inu (SHIB) Price Jumps 13%, Volume Up 56% – What is Happening?
By Gamza Khanzadaev
The price of Shiba Inu (SHIB) has experienced a sudden surge, with the token jumping 13% in value over the past few days. This significant increase has been accompanied by an astonishing 56% spike in trading volume, leaving many investors wondering what’s behind this unexpected turn of events.
In a recent trend analysis, it became clear that SHIB’s weekly burn rate has declined by a staggering 82.58%. In the span of just seven days, only 110 million SHIB tokens have been burned, resulting in an overall circulating supply of approximately 584 trillion tokens. This downward trend is not only concerning but also raises red flags about the token’s sustainability and long-term prospects.
Despite this alarming data, a majority of SHIB holders (88%) remain optimistic about the coin’s future prospects, according to recent social sentiment analysis. However, the lack of strong on-chain activity supporting this price rally has sparked concerns among analysts that momentum might not be sustainable in the short term.
As investors are forced to reassess their positions amidst these mixed signals, they’re now focusing closely on whether SHIB can transition its current breakout into a long-term upward trend.
Source: https://u.today/shiba-inu-shib-price-jumps-13-volume-up-56-what-is-happening
