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Shiba Inu (SHIB) Price Jumps 33% as Millions of Tokens Set Ablaze

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Shiba Inu (SHIB) Price Jumps 33% as Millions of Tokens Set Ablaze

Shiba Inu (SHIB) is yet to see a cooling period in its price following the parabolic run it picked up over the past week that saw its price erase one zero. At the moment, the meme coin has jumped by 33.78% in 24 hours to $0.00002663.

Bullish Shiba Inu price metrics

Beyond the current upshot in Shiba Inu’s price, the cryptocurrency has jumped by more than 177% in the trailing seven-day period. Its growth is now complemented by the 196% jump in valuation over the past month.

Shiba Inu had a long waiting period before it got to this point as the $0.00001 resistance level formed a major barrier for more than a year. After breaching this level and hitting a year-to-date high of $0.00002742, the token seems ready for more ambitious price rallies ahead.

The current market sentiment on the broader market supports this growth initiative. The price of Bitcoin is on a parabolic run, hitting $64,000 at the time of writing for the first time since November 2021. This has notably sparked a marketwide rally that is benefiting many altcoins at the moment.

With the correlation Shiba Inu exhibits, chances are it might also continue rallying until it hits its previous ATH of $0.00008845.

Shiba Inu burn

The price of Shiba Inu is gaining traction in part because of the shrinking SHIB supply born out of the burn rate sentiment. To sustain the deflationary trend over the past few months, data from Shibburn shows that 68,774,992 SHIB have been taken out of circulation in 24 hours, amounting to a growth rate of 3.74%.

Shiba Inu has fewer internal triggers that can help make a difference in its price. However, with the complementary deflation and general market resurgence, the price of the meme coin might be on its way to achieving another historic rally.