Shiba Inu (SHIB) had an impressive week of growth, with key metrics soaring. One of the key metrics is the burn rate, a deflationary standard that shrinks the token’s supply. As of writing, the meme coin’s burn rate has maintained its upward momentum from last week.
Shiba Inu Bullish Outlook
According to data from Shibburn, the Shiba Inu burn rate has increased by 389% in the past 24 hours. This means that 6,314,537 SHIB have been sent to inactive wallets in one day.
As of last week, SHIB’s burn rate remains high enough to help sustain the price. The weekly burn rate has proven to be more aggressive as it shrinks, according to Shibburn Daily.
During this period, the index increased by 1,020%, with a total of 324,982,323 SHIBs burned over the seven-day period. This healthy burn rate proves many points for the Shiba Inu.
One, it shows the commitment of community members to reduce supply. Two, it proves that despite the general market sentiment, SHIB can rely on the burn rate to act as a unique performance indicator.
With the spike in burn rate, the impact on price is still clearly positive.
SHIB price is heading towards new resistance level
According to data from CoinMarketCap, the price of Shiba Inu has increased by 1.48% in 24 hours to $0.00001903. Over the past week, the token has increased by 5.23%, showing that the coin is relatively stable.
With the new SHIB price increase, according to the burn rate, the token could finally break the resistance level of $0.00002. This price level has been a major barrier for the token over the past month. However, with the Uptober price increase in full swing and the advancements in new products from the team, SHIB could skyrocket in the coming weeks.