Shiba Inu (SHIB) Burn Rate Can Trigger Price Surge 🚀💰

Dog-themed Shiba Inu ($SHIB ) has shown interesting metrics in the past 24 hours and over the week. As noted by Shibburn, an online transaction tracker monitoring the amount of SHIB sent to dead wallets, Shiba Inu’s burn rate might trigger a price uptick.

Burn rate activity and its implications

Per a post on X, Shibburn provides hourly and weekly burn activity and price performance for the meme coin. With the total supply of SHIB at 589,257,293,677,689 and the low price, the community has contributed to the deflationary mechanism.

The daily burn rate shows 2,242,442 SHIB were sent to dead wallets in the past 24 hours, representing 81.06%. However, on a weekly basis, the burn rate overall appears lower at 96.91%, with 87,892,567 SHIB incinerated.

Although market volume remains down by 23.47% at $831.44 million, the price appreciation indicates a shift in momentum.

SHIB has been on a rebound journey over the week after it plunged below a critical support level of $0.000032. Despite crashing to a low of $0.00002447, the burn activity has supported its climb back up.

Market observers expect the price of SHIB to continue to show appreciable growth despite the subtle change in the meme coin’s burn rate. Overall, the retracement in the broader crypto sector could also support triggering a surge for SHIB.

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