Shiba Inu Spikes 10% as Price Recovers from Key Support

As seen on CoinMarketCap data,  Shiba Inu has risen by nearly 10% in the last 24 hours and was trading at $0.00001245.

Shiba Inu rose from lows of $0.0000113 on May 21, having reached significant support at this key level, to reach highs of $0.0001296 today, thus setting up to mark the third consecutive day in the green.

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The rebound comes as SHIB suffered major losses earlier in May, dipping as low as $0.000008. Despite price declines, Shiba Inu holders continue to increase. According to WhaleStats, the total number of SHIB holders is currently 1,167,954.

Another positive growth is also awaited in the coming weeks. On May 21st, SHIB’s lead developer, Shytoshi Kusama, wrote, “Thanks for letting me push in silence for this week. Next week, things will begin to get interesting. Also saw some GREAT art from @PlaysideStudios for our Shib CCG. Can’t wait to share. great workmates!”.

SHIB/USD Daily Chart, Source: TradingView

Read Also: 22.2 Billion SHIB Burned Within Week, 667 Million Removed in 24 Hours

In the past week, Shiba Inu acquired good news on its adoption. As covered by Cryptolifedigital, Shiba Inu can now be accepted by thousands of restaurants in 65 countries as Lavu and Verifone announced a cross-distribution partnership.

580 million SHIB burned within 24 hours as burn portal reaches 50 billion milestone

As gotten from  Shibburn’s Twitter handle, in the past 24 hours, there have been a total of 580,638,304 SHIB tokens burned and 51 transactions made. This number had increased to 666,278,622 SHIB at press time, with the Shiba Inu burn rate rising by nearly 40%. Though not guaranteed, burning removes tokens from circulation, thus creating scarcity, which might ultimately impact the price.

More also, the SHIB portal, which was launched in late April has received a significant milestone of burning 50 billion SHIB tokens in less than a month of its operations. According to reports, over 50 billion SHIB left circulation via the burn portal through multiple transactions in the last four weeks.

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