Shiba Inu (SHIB) tokens experienced a remarkable burn rate surge within a single day, as approximately 342,020,540 tokens were burned, as reported by the SHIB burn tracker Shibburn.

This surge marked a staggering 300% increase in the meme coin’s burn rate over the past 24 hours.

Concurrently, the past week witnessed a burn of about 1,872,812,412 SHIB tokens, indicating a 56.5% decline compared to the preceding seven days.

This data from Shibburn hints at a potential resurgence of community support for the meme coin. Following a recent selloff experienced by Pepe (PEPE), investors likely transitioned to SHIB, fueling its momentum.

The positive sentiment was also reflected in SHIB’s price performance, with a 0.91% increase over the past 24 hours, according to CoinMarketCap.

As a result, SHIB was trading at around $0.000008167, hovering close to its daily peak of $0.00000822. However, trading volume for SHIB dipped over 20% in the 24-hour period, settling at a total volume of $121.47 million at the time of writing.

From a technical perspective, SHIB’s price exhibited consolidation between the $0.00000781 and $0.00000855 range throughout the past week.

A potential breach below $0.00000781 could challenge the positive trend line formed on its daily chart. Continued selling pressure might drive SHIB to test the $0.00000697 level.