Why Is Shiba Inu Soaring Today?

Zinger Key Points
  • Shiba Inu has risen to its highest level since June 10, with the burn rate increasing strongly over the past 24 hours.
  • Altcoins underwent a significant sell-off after a SEC lawsuit against major crypto exchanges.

Shiba Inu SHIB/USD, the dog-themed, meme crypto, advanced strongly Sunday morning even as the rest of the cryptocurrencies flatlined.

Sunday Surge: Shiba Inu, which ended Saturday’s session flat at $0.0000070, began to spike early Sunday around 3:40 a.m. EDT. After topping out at $0.0000073 at 4:45 a.m. EDT, the meme crypto moved sideways until 9:10 a.m. EDT. The crypto has jumped since then.

The spike has taken SHIB to its highest levels since June 10. Most altcoins came under intense selling pressure ever since SEC initiated lawsuits against cryptocurrency exchanges Coinbase Global, Inc. COIN and Binance for trading in unregistered securities.

See Also: Best Cryptocurrency Exchanges

What’s Driving The Upside: The upside could have been partly due to pent-up demand as crypto traders go bargain hunting following recent losses.

Shiba Inu’s burn rate has increased in recent sessions, according to reports. Shibburn, a Twitter handle that tracks the burn rate, showed, that over the past 24 hours, the burn rate soared 730%.

Burning a cryptocurrency would send the token to an account that can only receive them, effectively taking tokens from the available supply. This has the potential to move up prices due to reduced supply.

At last check, the crypto rose 8.57% to $0.00000748, according to Benzinga Pro data.

Read Next: Is Shiba Inu (SHIB) A Good Investment

Photo: Shutterstock

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