• SHIB’s burn rate surge aligns with historical trends, driving positive momentum and investor interest.
• Price breakout and increased network activity hint at a strong potential rally above resistance.

Shiba Inu’s [SHIB] burn rate has skyrocketed by 1500%, significantly cutting down its circulating supply and reigniting enthusiasm among investors.

This sharp increase aligns with a trendline breakout and retest on the weekly chart, further fueling speculation about a potential bullish breakout. 

At press time, SHIB was trading at $0.00002289, up 2.02% over the last 24 hours. The recent developments suggest an optimistic outlook, but key resistance levels remain crucial for determining the token’s future trajectory.

Historical context: Past burn rate trends and their impact

Past burn rate spikes have often correlated with SHIB’s price movement, as analyzed by AMBCrypto. For instance, last week’s massive 7418% increase briefly boosted SHIB’s price by 15%, only for it to decline by over 3% due to profit-taking.

This demonstrates that while burn rate spikes can generate short-term bullish sentiment, they often lead to volatility.

Similarly, SHIB’s current burn rate increase appears …