Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Dog-themed Shiba Inu (SHIB) has recorded a spike in burn rate as the meZXcoin battles to breach key price resistance levels. In the last 24 hours, the burn rate has skyrocketed by a staggering 1,323%.

SHIB price surge amid high burn rate

According to Shibburn, 34,912,694 SHIB were sent to dead wallets. This move highlights the community’s effort to support the ecosystem's price stabilization and maintenance of a bullish run. This key metric functions as a deflationary indicator within the SHIB ecosystem.

This has pushed Shiba Inu’s total incinerated tokens to 410,737,190,695,584 SHIB. Despite the staggering amount sent to dead wallets, 583,626,103,611,906 SHIB remain in circulating supply. This suggests that many deflationary measures still need to be taken to reduce tokens in circulation further.

Reducing the token supply increases the value of the meme coin. As of this writing, the SHIB market price has climbed by 2.86% to $0.00001945. This represents a significant rise, as market volatility caused the meme coin to drop as low as $0.00001850 before rebounding.

The burn effort appears to have positively impacted SHIB’s price as the token momentarily traded at $0.00001965 before seeing a slight drop.

Experts project that if the community sustains the deflationary measure, SHIB could breach the $0.000020 resistance level, which would put the token in a position to hit an all-time high.

Trading volume and investor sentiment remain crucial

As reported earlier by U.Today, SHIB recently achieved a 30-day high with projections for greater levels. This optimism lies in investors’ interest in the meme coin’s recent performance as bullish sentiments sweep the broader cryptocurrency market.

Analysts, however, pointed out that for SHIB to maintain an upward trajectory, it must sustain its trading volume. As of this writing, SHIB’s market volume has registered an uptick of 21.88% to $630.49 million.