Big explosion in SHIB price! Shiba Inu has reached a historic milestone

While meme coins were mixed over the weekend, Shiba Inu stood out from the market with an extraordinary increase in the burn rate and a network update. With the rapid decrease in circulating supply, the price of SHIB surged by more than 20% in just the last 24 hours, reaching its highest level since May.

Security upgrades support price increases!

Shiba Inu announced an important update on the Shibarium bridge. This security update aims to increase the speed and efficiency of the platform, while also promoting network growth. Following a brief interruption to address scaling issues, the upgrade is expected to make the Shibarium bridge operate more securely and optionally.

In addition, when we look at the SHIB burning rate, according to the data shared by the Shibburn X account, the burning rate in the last 24 hours has increased by 480 percent. Currently, according to the data of the Shibburn website, the amount of tokens burned is 14,248,431 SHIB coins.

SHIB price surpasses critical support

Last month, while cryptocurrencies experienced rapid increases with the rise of Bitcoin, the price of Shiba Inu showed weak performance. However, following the latest network upgrade, it surged by more than 22% on Sunday, December 1st, testing the highest level in the last five months.

Looking at the growth data in the last month, the second largest meme coin, which recorded a 77% growth, is trading at $0.000031 at the time of writing this article. With the price increase, the trading volume of SHIB coin, which tested the highest peak in the last eight months, increased by 330% during the same period. According to Coinglass data, the Open Interest (OI) rate indicates a 37% increase in investor interest.

SHIB 1-week price chart Source: CMCTechnical analysis shows that the price exceeding the upper Bollinger Band indicates overbought conditions and increased volatility. The Money Flow Index (MFI) reaching the 70 threshold again indicates strengthening buying pressure. Finally, the Relative Strength Index (RSI) approaching the 76 threshold has reached the overbought zone. If SHIB continues its current momentum, it may test the highest level in May at $0.00035.

**The information in the text is purely for informational purposes. It does not constitute any investment advice. Cryptoparahaber.com is not responsible for any profit or loss arising from your investments. Ultimately, investment relies on many factors such as knowledge, experience, research, and personal decisions.

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