Shiba Inu Burns Spike by 2057% As Token Rides XRP Wave

According to Shibburn, Shiba Inu’s (SHIB) burn rate has spiked by 2057.94%. According to the burn tracker, the largest burner sent 31.7 million SHIB tokens to the dead wallet within the last 24 hours. The sudden spike in burns could be due to increased network activity, or because very few tokens were burned yesterday.

Shiba Inu’s (SHIB) burn rate spike is also coupled with an increase in SHIB prices. However, the burns are not responsible for the current market rally. A US court ruling that XRP is not a security has sent the crypto industry into a frenzy. The token has rallied by 66.5% in the last 24 hours, taking the lead away from Bitcoin (BTC). Shiba Inu (SHIB) is riding the XRP wave, rising 5.2% in the last 24 hours, and 9.1% in the weekly charts.

Also Read: US Judge Rules Ripple XRP is Not a Security

Shiba Inu price continues to face resistance

Despite the current rally, SHIB has struggled to get past the $0.000008 level. Although it briefly crossed the level earlier today, it has failed to follow through. It would appear that the token faces heavy resistance at this level.

Also Read: Shiba Inu: Will SHIB Delete a Zero as XRP Moves Toward $1?

According to the data from IntoTheBlock, 24 trillion SHIB tokens were purchased just below SHIB’s current price. Therefore it is of utmost importance that SHIB maintains or moves upward from here. If SHIB’s price falls below current levels, it may face increased selling pressure, which may prove disastrous.

Given that SHIB has failed to cross $0.000008 despite the positive sentiment in the market, signals that SHIB prices may remain stagnant until there are some developments in the right direction. The Shibarium launch has the potential to push SHIB’s price forward, but we do not have an exact launch date for the network. At press time, SHIB was trading at $0.00000790, with no changes in the hour.