Shiba Inu's 4137% Burn Rate Sparks Price Surge

Shiba Inu, the popular cryptocurrency, has been making waves in the market with its remarkable 4137.17% 24-hour burn rate. This significant increase in tokens burned has the potential to reduce the supply of SHIB, which could, in turn, drive up its price. At the time of writing, SHIB was trading at $0.00001471, reflecting a 2.82% increase over the last 24 hours.

The SHIB price chart reveals a consistent downtrend since the token peaked in late 2024. However, the price recently bounced from an accumulation zone around $0.00001360, signaling a potential shift in momentum. The current market sentiment shows some optimism as SHIB attempts to break through key resistance at $0.00001480. Nevertheless, the price still faces significant resistance near $0.00001600, which may hinder its upward movement.

On-chain signals for SHIB paint a bearish picture overall. Net network growth is weak at just +0.27%, indicating minimal new activity or adoption. The "in the money" metric is slightly negative at -0.57%, reflecting a lack of bullish enthusiasm. Additionally, SHIB's concentration metric is down by -0.01%, while large transactions have decreased by -7.86%. These figures suggest a lack of interest from large holders and a potential lack of confidence in SHIB's future price movement.

In terms of exchange reserves, SHIB has seen a slight increase of 0.07%, with a total of 95.48T tokens now held on exchanges. This may indicate a higher supply in the market, potentially allowing for more liquidity but also increasing the risk of a sell-off if large holders decide to liquidate. Furthermore, SHIB's exchange netflow has decreased by -3.45%, showing that more tokens are flowing out of exchanges than entering. This trend typically suggests that investors are holding their tokens, which could indicate some level of confidence in the coin's long-term potential.

The community is eager to see how the burn efforts will impact the long-term price trend of Shiba Inu. While the price has shown some upward movement, on-chain and exchange metrics indicate cautious market behavior. Therefore, SH