$SHIB
🚨 SHIB Burn Activity Adds to Bullish Setup 🚨
Moreover, Shiba Inu’s token burn rate has skyrocketed. In the last 24 hours, Shibburn also noted that over 2.2 million SHIB tokens were burned, an increase of 278.42%.
According to the market data, SHIB burn rate for the past seven days rose 324.14% to over 313 million SHIB tokens burned over the last week.
The SHIB burn system is designed to continuously decrease the circulating supply and increase supply scarcity, the idea being that this will make the coin worth more over time.
If the demand establishes alongside supply, the pressure on the price in turn might intensify on the upside.
Bullish technical formations, decreased short term selling, increasing long term holders and surge of token burn make it very likely for the breakout out of the range.
So long as Shiba Inu holds the $0.0000108 base, its macro structure is intact. If the momentum continues to be bullish, the meme coin is going to revisit the highs in December and may possibly try to ascend to the $0.000081.