The price of Shiba Inu Coin is at a critical juncture with just two significant resistance levels left before it can reclaim its previous yearly highs. Investors are keenly observing these levels as they could potentially lead to a 21% price increase.
Additionally, the SHIB burn rate has surged for the second time this week. This uptick signifies growing activity on the Shibarium network, a positive sign for the coin's ecosystem.
However, the abundance of $7 billion worth of SHIB in circulation could act as a potential stumbling block, preventing the price from reaching its anticipated highs. The market is closely watching this balance between supply and demand.
