The popular memecoin project Shiba Inu (SHIB) has recently witnessed a remarkable 2,682% increase in its daily burn rate, grabbing the attention of the cryptocurrency community. However, despite this significant development, the SHIB price has shown minimal growth, trading around $0.000018.

According to the Shibburn team, a whopping 18,617,208 SHIB were burned in the last 24 hours, marking a substantial rise in the burn rate. Nevertheless, the SHIB price has only risen by 0.49% in the same period, failing to impress investors. This modest price movement can be attributed to the overall weak sentiment in the cryptocurrency market, with major players like Bitcoin and Ethereum experiencing volatility.

Shiba Inu's price has been trading within a narrow range of $0.0000173 to $0.0000188 since June 18, with 417.19 trillion SHIB held at 25,310 addresses within this range. The current trading level of $0.000018 remains crucial for the token's future price action. Market speculators are closely watching the SHIB price, looking for signs of a potential rise or further consolidation.

In the short term, a definitive break above the daily moving averages could indicate a bullish trend for SHIB. However, the overall cryptocurrency market's performance will also play a significant role in shaping SHIB's price action. If the market turns bullish, SHIB could benefit from increased investor confidence and trading activity.

In conclusion, Shiba Inu's significant increase in burn rate has not translated into a substantial price rise, largely due to the weak market sentiment. However, with a large amount of SHIB held within the current trading range, the token's future price action remains uncertain. As the market continues to evolve, it's essential to monitor SHIB's price movement and burn rate, which could present substantial opportunities for investors.