Dog-themed Shiba Inu (SHIB) has shown interesting metrics in the past 24 hours and over the week. As noted by Shibburn, an online transaction tracker monitoring the amount of SHIB sent to dead wallets, Shiba Inu’s burn rate might trigger a price uptick.
Burn rate activity and its implications
Per a post on X, Shibburn provides hourly and weekly burn activity and price performance for the meme coin. With the total supply of SHIB at 589,257,293,677,689 and the low price, the community has contributed to the deflationary mechanism.
The daily burn rate shows 2,242,442 SHIB were sent to dead wallets in the past 24 hours, representing 81.06%. However, on a weekly basis, the burn rate overall appears lower at 96.91%, with 87,892,567 SHIB incinerated.
HOURLY SHIB UPDATE$SHIB Price: $0.00002865 (1hr 0.00% ▲ | 24hr 3.65% ▲ )
— Shibburn (@shibburn) December 14, 2024
Market Cap: $16,894,735,192 (3.63% ▲)
Total Supply: 589,257,293,677,689
TOKENS BURNT
Past 24Hrs: 2,242,442 (-81.06% ▼)
Past 7 Days: 87,892,567 (-96.91% ▼)
This suggests that lower burn activities were carried out for the week to stabilize supply and price performance.
Market analysts say this could signal that public sentiment may be triggered as investors and traders witness efforts by the community to engage in burn activity. Notably, the drop in burn rate over the week signals that the deflationary mechanism has an effect, hence the decline.
The overall outlook could indicate to investors a likely price appreciation and confidence to bet on the meme coin. Such a move could trigger a price surge for SHIB if sustained.
Outlook for SHIB amid broader market dynamics
As of this writing, SHIB is exchanging at $0.00002811, representing a 0.45% increase in the last 24 hours. Although market volume remains down by 23.47% at $831.44 million, the price appreciation indicates a shift in momentum.
SHIB has been on a rebound journey over the week after it plunged below a critical support level of $0.000032. Despite crashing to a low of $0.00002447, the burn activity has supported its climb back up.
Market observers expect the price of SHIB to continue to show appreciable growth despite the subtle change in the meme coin’s burn rate. Overall, the retracement in the broader crypto sector could also support triggering a surge for SHIB.
