Shiba Inu (SHIB) Surge

Shiba Inu (SHIB) experienced a significant 15% rally in the past 24 hours, with the token price rising from $0.00001348 to $0.00001552 at press time.

This latest move brings SHIB’s weekly rally to 19.71%, reducing year-to-date (YTD) losses to 26.68%.

In the last 24 hours, Shiba Inu’s market capitalization increased from $7.94 billion to $8.97 billion on March 26, a $1.03 billion rise within a day.

What’s Behind the SHIB Price Rally?

Over the past 30 days, SHIB’s trading volume surged by 228%, indicating strong bullish sentiment and significant liquidity. Additionally, the trading volume rose by 130% on March 25.

Another indicator of this bullish outlook is SHIB’s long-to-short ratio, currently at 0.96, up from 0.68 on March 23.

Shiba Inu Token Dynamics

Earlier in the year, Finbold reported a 600% increase in the token’s burn rate, which has been trending upward. Mid-March estimates suggested an average price target of $0.00001568 for SHIB by the end of the month, with a burn rate that had quadrupled since late January.

On March 23, over 1 billion SHIB tokens were burned in a single transaction by an unknown address.

Moreover, SHIB’s exchange reserve hit an all-time low of 14.4% of the circulating supply on March 21, signaling a shift to buy-and-hold strategies among holders and reducing potential selling pressure.

On March 24, Shiba Inu futures were listed on crypto exchange BingX, allowing users to trade with leverage.

Also, developers hinted at Shib Finance, a significant DeFi upgrade that could enhance SHIB’s functionality.

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