Shiba Inu (SHIB) has had an impressive run over the past week, with key metrics soaring. One of the major metrics is the burn rate, the deflationary standard that helps shrink the token’s supply. As of writing time, the meme coin’s burn rate has maintained its rally from the past week.
Shiba Inu bullish burn outlook
Per data from Shibburn, the Shiba Inu burn rate has increased by 389% in the past 24 hours. This means 6,314,537 SHIB have been sent to inactive wallets in a day.
Since last week, the SHIB burn rate has remained sufficiently high to help keep the price up. The weekly burn rate has proven more positive when zoomed out, per the Shibburn date.
HOURLY SHIB UPDATE$SHIB Price: $0.00001899 (1hr 0.44% ▲ | 24hr 1.76% ▲ )
Market Cap: $11,182,256,142 (1.73% ▲)
Total Supply: 589,268,785,053,399TOKENS BURNT
Past 24Hrs: 6,314,537 (389.36% ▲)
Past 7 Days: 324,982,323 (1020.25% ▲)— Shibburn (@shibburn) October 21, 2024
Within this period, the metric is up 1,020%, with a total of 324,982,323 SHIB burnt over a seven-day period. This healthy burn rate proves many points for Shiba Inu. One, it shows the commitment of community members to deflate the supply. Two, it proves that despite broader market sentiment, SHIB can trust the burn rate to serve as a unique performance marker.
With the burn rate surge, the impact on the price has remained visibly positive.
SHIB price eyeing new resistance
According to data from CoinMarketCap, the price of Shiba Inu has increased by 1.48% in 24 hours to $0.00001903. Over the past week, the token has jumped by 5.23%, which shows how relatively stable the coin has been.
With the new SHIB boost, per the burn rate, the token might eventually breach the $0.00002 resistance point. This price level has formed a crucial barrier for the token in the past month. However, with the Uptober rally fully underway and advances in new products from the team, SHIB may soar in the coming weeks.