While an Elon Musk tweet may explain the previous rise in SHIB, the reasons for this jump are not as clear.

However, the most significant competitor comes from a recent Shiba Inu burn. At 5:02 p.m., the Binance-16 wallet burned 877,949,459.14 SHIBs worth about $ 25,000. Both the price and the volume of transactions increased shortly thereafter. However, given that this represents only 0.00008% of SHIB’s total supply, this may not be the only explanation. As SHIB reached $ 0.00003, it may have passed the previous resistance level, causing a sharp rise in price. SHIB’s burning desire remains a hot topic in the Shiba community, given the nearly 600 trillion SHIBs circulating. Several projects, including Shiboshi NFTs and the SHIB Burner music playlist, incorporate SHIB burning elements. After the second increase in the last seven days, SHIB fell another 14% from its all-time high of $ 0.0000388. While the SHIB community has celebrated its latest growth, many have called for SHIB to break its ATH or even reduce its price.

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