SHIB (Shiba Inu) rose 7.62% in the last 24 hours.

Gate News Bot message, July 11, according to CoinMarketCap data, as of the time of writing, SHIB (Shiba Inu) is currently priced at 0.000013321 USD, with a rise of 7.62% in the last 24 hours, reaching a high of 0.0000134106 USD and a low of 0.0000112323 USD; the 24-hour volume is 333 million USD. The current market capitalization is approximately 7.849 billion USD, an increase of 555 million USD compared to yesterday.

Shiba Inu (SHIB) is a token based on Ethereum, launched in 2020, and is a global, decentralized, community-driven currency. SHIB has become a popular token worldwide and can be used in many places directly or through third parties. SHIB is the core token of the Shiba Inu ecosystem, which also includes the governance token BONE and the reward token LEASH.

Important recent news about SHIB:

1️⃣ Technical indicators show potential strong rebound The moving average convergence divergence (MACD) indicator for SHIB has shown a clear bullish divergence, suggesting that the price may move towards the $0.000032 area. This technical signal indicates that SHIB may be brewing a large-scale rise, with potential gains of up to 180%.

2️⃣ Token burn mechanism continues to advance The SHIB community is actively promoting the token burn mechanism, and the burn rate has significantly increased recently. Over 1.5 million SHIB have been burned in the past 24 hours, reducing the token supply. Although the short-term impact on price is limited, it may enhance the scarcity of SHIB in the long run, positively affecting its value.

3️⃣ Investor sentiment has improved Despite approximately 87% of SHIB holders currently being in a loss, market sentiment is gradually improving. On-chain data shows that the number of wallet addresses holding SHIB has surpassed 1.5 million and continues to grow, reflecting an expanding user base.

From a technical perspective, SHIB has broken through the important resistance level of 0.000012 USD. If it can hold this position, there is potential for further upward movement in the future. However, investors should remain cautious of potential pullback risks, especially considering the current high valuation levels.

This message is not to be taken as investment advice; investors should be aware of market volatility risks.