The cryptocurrency Shiba Inu (#SHIB، ) has experienced significant growth over the past week, with key metrics showing a sharp increase. One of the main metrics is the burn rate, a deflationary mechanism that reduces the total supply of SHIB, boosting its value. The burn rate has continued its upward trend from the previous week.
Bullish Outlook for SHIB with High Burn Rate
According to data from #SHIBburn , the SHIB burn rate increased by 389% in the last 24 hours, meaning that 6,314,537 SHIB were sent to inactive wallets in a single day. This high burn rate is helping to maintain SHIB’s price at a higher level.
Over the past week, the burn rate surged by 1,020%, with a total of 324,982,323 SHIB burned. This substantial increase highlights several key points for Shiba Inu. First, it demonstrates the community’s commitment to reducing the token supply. Secondly, it confirms that SHIB can rely on the burn rate as a performance indicator, despite broader market sentiment.
Impact on SHIB's Price
According to data from CoinMarketCap, the price of Shiba Inu increased by 1.48% in the past 24 hours, reaching $0.00001903. Over the last week, the token has risen by 5.23%, showing relative stability.
If the SHIB burn rate continues to rise, the token could soon surpass the resistance level of $0.00002. This price point has been a key barrier in recent months. With the ongoing market rally and the introduction of new products from the SHIB team, Shiba Inu could continue to rise in the coming weeks.
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