Shiba Inu (SHIB) is making waves! It’s shown some impressive price growth in the past day, busting through a key resistance point. If this trend continues, SHIB might just knock off another zero from its price tag, especially as things heat up in the broader crypto market.

Shiba Inu breaks out despite weak volume

According to data from CoinMarketCap, Shiba Inu’s price has jumped by 3.46% to $0.00001208 in the last 24 hours. This surge comes as the popular dog-themed meme coin successfully overcame the $0.000012 resistance level, a hurdle it’s struggled to clear several times in the past week.

Looking at the current signs, SHIB might be aiming for even higher prices. It seems to have built a solid foundation of support around $0.000011. Some market watchers believe this support is strong enough to propel SHIB towards shedding another zero from its price as it continues to gain value.

With this price increase, SHIB could gather momentum and keep climbing, especially if investors get excited about trading this meme coin again. If it does manage to lose that zero as predicted, we could see it trading at a fresh high of $0.0001 per token.

However, it’s worth noting that as of now, investor enthusiasm doesn’t seem to be fully back yet. Trading volume actually dipped by a significant 22.93% to $111.99 million within the same 24-hour period.

From a technical standpoint, SHIB still looks like it has potential for further growth. Interestingly, large transactions saw a massive jump of 173% at one point this week. This surge might be because big players, like whales and larger investors, are repositioning their holdings in anticipation of a price rally.

Breaking through that $0.000012 resistance level does suggest that investors’ optimistic outlook might be on the right track.

Zero-loss scenario hinges on key metrics

On another positive note, Shiba Inu’s weekly burn mechanism is back in action, increasing by roughly 20% this week. While it’s not yet near the peak burn rates of the past, this uptick does signal a renewed focus on token burning within the SHIB community.

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This bounce back in the burn rate seems to be linked to SHIB whales making a comeback and accumulating more tokens recently.

Looking ahead, if SHIB wants to keep this price momentum going and potentially drop a zero from its price, it’s crucial for the meme coin to boost both its burn rate and trading volume.