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Shiba Inu (SHIB), one of the popular altcoins, has attracted attention by starting the week with a positive performance. The main driving factor behind the price rise was the high token burn rate that ensures Shiba Inu’s deflationary nature. According to Shibburn data, the burn rate of Shiba Inu increased by over 283% with a total of 55.39 million SHIB sent to wallet addresses that were unreachable overnight.
Shiba Inu’s Deflationary Trend Becomes More Decentralized
According to Shibburn data, the burning of millions of SHIB was facilitated by an unusually high number of wallet activities. SHIBs are now being burned in small fragments instead of in bulk, indicating that Shiba Inu’s deflationary trend is becoming more decentralized.
The amount of SHIB burned so far has exceeded 410.6 trillion, indicating a gradual increase towards reaching the circulating supply of 579 trillion.
Shiba Inu’s burn rate increased during a period when the overall cryptocurrency market has been experiencing a decline. This positive burn rate may encourage SHIB investors to act on the token with the expectation of contributing to price increase.
The Potential Impact of the Burn Rate on SHIB’s Price
The Shiba Inu ecosystem has several fundamental factors supporting its growth. However, despite the convergence of all these bullish triggers, SHIB needs to not only maintain its current support but also break an important resistance level in order to rise.
According to data provided by cryptocurrency data and price platform CoinMarketCap, at the time of writing this article, SHIB is trading at $0.000007119 with a 1.3% increase. Sustaining this rapid rise could compensate for the losses of the previous week and subsequently lead to a retest of the $0.0000075 resistance level in the short and long term. Breaking this resistance level could be a driving force for further upward momentum in the altcoin.
