Shiba Inu has significantly increased its burn rate in the past 24 hours. According to data from the Shibburm tracking website, there has been a 47,872% rise in the amount of Shiba Inu tokens transferred to dormant wallets. The SHIB community says this move is part of their deliberate effort to reduce the amount of SHIB token in circulation.

This is expected to trigger a rise in the value of SHIB. Some factors linked to the increased burn rate include the Shibarium Layer 2 network launch for SHIB. Efforts by the Shiba Inu community to promote its adoption have also been listed as one of the significant factors contributing to the sudden rise in the token’s burn rate.

The daily SHIB chart’s Relative Strength Index (RSI) reading has taken center stage. With the RSI at 60, suggesting market sentiment is a delicate balance, it is neither favoring overbought nor oversold conditions.

Shiba Inu Stabilize At Critical Level, MK Presale Hits $2 Million

The weekly technical analysis, taken from the Bein Crypto platform, says that the price of SHIB has dropped below its resistance level since August 2022. Currently, the SHIB trend line is placed on for 470 days. Last week, SHIB was turned down by the trend line; this development triggered the ongoing declining movement.

The Shiba Inu price has found itself stabilizing at a critical support level. A breakout or breakdown that might determine the direction of SHIB’s price action in the future is being watched carefully by traders and investors who are keeping a close eye on the charts.

Another initiative about the Shiba Inu ecosystem has surfaced concurrently with these advancements. A new coin has emerged amid the burning story that has besieged the Shiba Inu landscape. Kombat (MK) is a meme coin that is set to position itself for the next bull run.

MK is aiming to raise $2 million and is presently in the presale stage. The presale phase, characterized by a rapid ascent towards the $2 million target, highlights the excitement surrounding new initiatives within the Shiba Inu community.

Shibarium Makes Shocking Revelation, MK Staking Features Revealed

More speculation and excitement surround MK’s entry into the Shiba Inu ecosystem as investors consider how it might affect the dynamics of the market as a whole. The meme coin offers a staking feature that yields about 499% APY for buyers. MK is also described as a “decentralized tokenomics” and allocates 50% of its supply to its presale and a mere 30% to staking rewards and other community programs.

After its $2 million presale target, it started moving towards a  $5 million soft capitalization and a $10 million hard capitalization. MK presale is quickly filling up, and potential buyers are advised to hasten up before the deadline. Shibburm, in the early hours of today, posted what was considered a strange message on their X handle. In its post, the network highlighted the issue of fraudulent Shiba Inu burning portals.

It was also disclosed that some companies claimed they got messages from some persons who claimed they had burned huge Shiba Inu tokens via portals and promised some unrealistic rewards. Shibburm, in its X post, said that more than 2,200 users spent more than $670,000 on the said portal, but only a few people got their rewards for the first round.