In the last day, the burn rate of the dog-themed cryptocurrency Shiba Inu (SHIB) has significantly increased. Shibburn, a website that keeps track of SHIB token burns, reports that in the past 24 hours, the daily burn rate has increased by 4,907%.
Nine transactions totaling 19,387,761 SHIB tokens were burnt in the last day. This is a significant rise over the burn statistic from the day before, which was 387,207 SHIB tokens burnt in total. As a result, the daily burn rate decreased by 97%.
In addition, the weekly burn rate has increased, rising 38.16% to 210,346,123 SHIB tokens burnt during the last seven days.
https://x.com/shibburn/status/1751485303489978763?s=20
Shiba Inu’s enormous burn rate appears to be stoking optimism for the price of the asset, which has been largely stable and hasn’t moved far over the critical threshold of $0.000009. There is still little volatility as Bitcoin (BTC) figures out what to do next.
On January 23, Shiba Inu quietly recovered from $0.00000843 and has maintained above this level for many days. Its price increase has been sluggish, though, with bulls narrowly managing to push the SHIB price over January 28 highs of $0.00000925.
Should the price continue to rise, SHIB may aim to hit the $0.00000984 level before to the $0.00001 level, which would remove a zero from its price.
The $0.0000200 mark, which hasn’t been reached since May 2022, might climb if there is a break above $0.0000100, indicating a strong turnaround.
Conversely, SHIB may signal a bearish continuation and more price loss if it breaks below the critical support level of $0.0000085, which has held the price of SHIB so far in January.
Since they have historically functioned as robust demand zones, $0.000008 and $0.000007 may be the next support levels to keep an eye on.
With the burn rate skyrocketing, SHIB may be about to see a significant price shift that will likely determine its trajectory over the coming months. It’s still unclear if there will be a breakout or a collapse.
