The price of Shiba Inu (SHIB) is once again demonstrating growth, attributed to increased token burns and positive historical price data for May.
Surge in SHIB Token Burn Rate
Shiba Inu has seen a sharp increase in its burn rate by 364%. Over the past week, more than 330 million tokens have been burned, indicating growing community interest and supporting the deflationary mechanisms of SHIB's tokenomics.
Historical Price Trends for SHIB in May
Historical data shows that SHIB's price has averaged a 61% increase in May over the last four years, with May 2021 seeing a remarkable 355.4% surge.
SHIB Price Breaks Above 50-Day Moving Average
Recently, SHIB's price broke above the 50-day exponential moving average, signaling a potential mid-term bullish transition. Currently trading around $0.00001347, SHIB shows a 5.16% increase over the last 24 hours.
The sharp increase in burn volumes and the positive historical dynamics for May create a foundation for potential SHIB price growth in the coming weeks.
