Shiba Inu (SHIB) has witnessed a significant 82% decline in burn rate less than 24 hours after the deflationary mechanism soared astronomically by over 10,000%. According to data from Shibburn, a platform that tracks burn activities, the volume of SHIB sent to dead wallets dropped significantly.
Price holds firm despite dip in burn rate
In the last 24 hours, only 1,556,906 SHIB tokens were incinerated by the community. This volume has been removed from circulation as part of a continued effort to stabilize the price and increase the meme coin’s value.
HOURLY SHIB UPDATE$SHIB Price: $0.00001181 (1hr -0.33% ▼ | 24hr 3.51% ▲ )
Market Cap: $6,961,854,032 (3.48% ▲)
Total Supply: 589,249,765,162,560
TOKENS BURNT
Past 24Hrs: 1,556,906 (-82.31% ▼)
Past 7 Days: 48,740,998 (-11.90% ▼)
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Notably, the SHIB burn mechanism is an internal strategy designed to reduce the circulating supply of Shiba Inu. The principle leans on the laws of supply and demand as it relates to price. The ecosystem believes that by incinerating the circulating supply, it could push up the price if demand increases.
In the last 24 hours, the price of Shiba Inu has shown potential for a rebound as it nudged closer to the $0.000012 resistance level. As of press time, Shiba Inu was exchanging hands at $0.00001180, representing a 2.32% increase.
The meme coin had previously reached a peak of $0.00001195 as it inched closer to the critical resistance. It might breach this level given the engagement from investors in the ecosystem.
The trading volume is witnessing a steady increase in the green zone, having climbed by 90.53% to $130.7 million. If the ecosystem sustains the current momentum, the price appears set to test higher levels.
What's next for Shiba Inu?
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Meanwhile, within the last seven days, there has been a 195% to 200% spike in the volume of microtransactions. This metric has often served as a signal for accumulation by retail investors as they anticipate a price increase.
As the week unfolds, market participants will be monitoring market trends to see further price reaction. A key factor for an uptick could be Bitcoin’s performance in the broader cryptocurrency space.
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