Shiba Inu Rockets 440% in Crucial Metric, But Price is Down

After multiple days of consistent downtrend, the Shiba Inu burn rate has finally flipped positive, according to data shared by the popular wallet tracker, Shibburn.

According to the data, the Shiba Inu burn rate has returned to the positive side, hitting a 440% increase over the last day. While this marks a decent improvement in the asset’s burn activity, it is not extremely exciting, as the amount of meme coins that have been destroyed during the period remains substantially low compared to previous records.

SHIB supply shrinks by 375,821 SHIB

Notably, the data have shown that only 375,821 SHIB have been moved out of circulation in four separate transactions over the last 24 hours.

This reluctance in SHIB’s deflationary activity comes as no surprise, as it coincides with a negative trend in SHIB’s price action during the period. Notably, the price of the second-largest meme cryptocurrency has failed to resume its uptrend, falling by 1.68% over the last 24 hours after a notable upsurge witnessed the previous day.

This decent recovery in SHIB burn rate has helped to drive a slight improvement in the weekly burn rate. While the SHIB weekly burn rate has previously recorded notable losses, it has only dipped by 62.29%, with about 3,047,331 SHIB burnt over the last week.

SHIB has yet to witness a major breakout in its price, as recent onchain movements suggest fading momentum, with its price majorly trading sideways.

Although Shiba Inu’s latest run has remained unstable, investors have continued to show optimism amid predictions that the leading memecoin is headed for a breakout towards $0.0000138.

Nonetheless, the memetoken remains in the spotlight, as it has continued to draw attention across the broad crypto community amid growing debates on the possibility of a major price rally for Shiba Inu.

While whales have been consistently spotted stacking up on the meme asset, investors are still positive that SHIB can climb beyond key resistance levels and fuel a rally toward the highly anticipated $0.0001 level.