Shiba Inu (SHIB) just saw a massive spike in its burn rate of 612%! 🔥 This means a significant reduction in circulating supply. However, the actual impact on SHIB price depends on broader market demand and trading volume dynamics. 📊
A key support level for SHIB is at $0.0000197. Holding this level is crucial for price consolidation or even a potential bullish reversal. 📈 If this level is not maintained, SHIB could see further declines. ⚠️
A higher burn rate usually indicates an attempt to reduce supply, which can increase scarcity. However, for upward momentum to materialize, trading activity and demand for SHIB must be in line with the reduced supply. 💪
Market sentiment, adoption, and trading volume are important factors influencing SHIB price movements. If SHIB manages to consolidate above this support level, it could generate renewed interest. 🌟 However, if not, there could be a deeper correction.