Shiba Inu Burn Rate Drops 82% as Price Holds Steady

Shiba Inu (SHIB) has experienced a notable 82% decrease in its burn rate within less than 24 hours after its deflationary mechanism surged by over 10,000%. According to data from Shibburn, a platform that monitors burn activities, the volume of SHIB tokens sent to dead wallets has significantly dropped.

Despite this decline in burn rate, the price of Shiba Inu has remained relatively stable. In the last 24 hours, only 1,556,906 SHIB tokens were incinerated by the community, effectively removing them from circulation. This ongoing effort aims to stabilize the price and enhance the value of the meme coin.

The SHIB burn mechanism is a strategic approach designed to reduce the circulating supply of Shiba Inu. By leveraging the principles of supply and demand, the ecosystem aims to increase the price if demand rises. The price of Shiba Inu has shown potential for a rebound, moving closer to the $0.000012 resistance level. As of the latest update, Shiba Inu was trading at $0.00001180, reflecting a 2.32% increase.

The meme coin had previously reached a peak of $0.00001195, approaching a critical resistance level. With continued investor engagement, there is a possibility that this level could be breached. The trading volume has been steadily increasing, climbing by 90.53% to $130.7 million. If the current momentum is sustained, the price is likely to test higher levels.

Over the past seven days, there has been a significant 195% to 200% spike in the volume of microtransactions. This metric often serves as an indicator of accumulation by retail investors who anticipate a price increase. As the week progresses, market participants will closely monitor trends to observe further price reactions. A key factor influencing an uptick could be the performance of Bitcoin in the broader cryptocurrency market.