Shiba Inu (SHIB), a dog-themed cryptocurrency, has experienced a remarkable surge in its daily burn rate, jumping 2,682% in the past 24 hours. Despite this significant increase, the price of SHIB has only slightly risen, remaining around $0.000018. In the past day, a substantial 18,617,208 SHIB have been burned, representing a notable increase in the daily burn rate. However, the price of SHIB has only risen by 0.49% in the last 24 hours, currently trading at $0.00001813, and is down 12% weekly.

The modest price movement of SHIB can be attributed to several factors, including the overall sentiment in the cryptocurrency market, which has been largely lackluster. The performance of major cryptocurrencies like Bitcoin and Ethereum can significantly influence the overall crypto market. If these leading assets are experiencing volatility or downward trends, it can be challenging for altcoins like SHIB to gain traction. However, if the broader cryptocurrency market turns bullish, SHIB could benefit from increased investor confidence and trading activity.

Shiba Inu has been trading in a tight range between $0.0000173 and $0.0000188 since falling to lows of $0.00001696 on June 18. According to on-chain data from IntoTheBlock, a significant number of addresses, 25,310, are holding 417.19 trillion SHIB at an average price of $0.000018. This highlights the importance of the $0.000018 level, near where SHIB currently trades. Market speculators are closely monitoring SHIB's price, looking for signs of a potential breakout or further consolidation.

In the short term, a decisive break above the daily moving averages might suggest a bullish comeback for SHIB. The significant increase in the daily burn rate could be a positive sign for the cryptocurrency, indicating a potential decrease in supply and increased demand. As the market continues to evolve, it remains to be seen whether SHIB will break out of its current trading range and experience a significant price increase.

In conclusion, Shiba Inu's significant increase in daily burn rate has not yet translated to a substantial price increase. However, the cryptocurrency's trading range and on-chain data suggest that a breakout or further consolidation is possible in the short term. As the market continues to fluctuate, investors and speculators are closely watching SHIB's price movement, looking for signs of a potential bullish comeback.