Token burn is a recent technique that is surprisingly turning out to be beneficial for most coins that practice it clinically! There was a sharp 1,361% increase in the daily burn rate of Shiba Inu. The exceptional growth shocked the crypto community.
However, the price of the coin could not keep pace with the rising interest in the sharp burn rate. With a 4% drop, the coin’s price is now $0. 00001309..
However, there’s one thing that investors can be assured of. There is at least a surge in renewed activity around the coin. At the same time, there are no new liquidations.
The bottom line is that no existing investors are selling off major shares of Shiba Inu. Simultaneously, new investors are being onboarded.
The number of new and existing daily active wallets increased by 22%. This is a significant move in the direction of another bullish curve in the market!
# The Downsides to Look Out For
The market liquidity of the coin is thinning. At the same time, the whales are staying cautious! Therefore, it is doubted that the rally won’t be stable for a long time!
# A Make-or-Break Point for Shiba Inu
The bullish cup and handle position on the chart is a reality. However, the neckline resistance of the coin is at $0.00001411.
If the coin can use this bullish streak properly, you will see the coin going past the next resistance level of $0.00001709, too.
