In a dynamic twist, the Shiba Inu (SHIB) token experienced a significant burn rate increase of more than 300% within a mere 24 hours.
According to data provided by the SHIB burn tracker Shibburn, around 342,020,540 SHIB tokens were burned during this period, reflecting a notable surge in the meme coin’s burn activity.
This rise in burn rate comes alongside a compelling pattern in community engagement. Over the past week, roughly 1,872,812,412 SHIB tokens were burned, representing a 56.5% reduction from the preceding seven-day period.
This shift could indicate renewed community backing for the meme coin, potentially influenced by the recent sell-off observed in Pepe (PEPE), prompting some investors to transition to SHIB.
Akin to the shifting sentiment, SHIB’s price performance exhibited a positive trajectory. According to CoinMarketCap, the meme coin witnessed a 0.91% price increase within the past 24 hours of trading.
As a result, SHIB found itself trading at approximately $0.000008167, hovering closely near its daily high of $0.00000822.
Nonetheless, a decline of over 20% in trading volume over the same 24-hour window amounted to a total volume of $121.47 million at the time of publication.
Technically speaking, SHIB’s price had undergone a consolidation phase ranging from $0.00000781 to $0.00000855 over the past week.
A potential breach below $0.00000781 in the coming days might challenge the positive trend line observable on its daily chart. Prolonged selling pressure could further test SHIB’s resilience at $0.00000697.
Conversely, an advantageous perspective for buyers could lead to a transformation of the $0.00000855 resistance level into a supportive base.
Should this occur, it could pave the way for a potential climb toward the next significant threshold at $0.00001027 in the subsequent week.
