Shiba Inu Burn Rate Skyrockets –

The burn rate of Shiba Inu surged by 5,500% today, resulting in the destruction of nearly 26 million SHIB coins in the last 24 hours. This significant token burn aligns with the recent price recovery of SHIB.

Notably, the burns of Shiba Inu help manage the circulating supply, indirectly impacting the price in a positive manner. The recent burns have instilled optimism among investors in Shiba Inu.

Data on the Shiba Inu burn indicates a remarkable spike of 5564.09%, eliminating 26 million SHIB from the total supply, leaving around 589.27 trillion SHIB as the total supply.

Since the initiation of the burns initiative, Shiba Inu has burned a massive 410.72 trillion tokens. A notable increase in the burn rate was triggered by a large burn transaction where 24.17 million SHIB tokens from wallet address 0xa9d1e08c7793a… were transferred to a null address.

In addition, data from Nasen reveals that this wallet holds crypto assets worth $287.57 million, which has now increased to $345.95 million, solidifying its status as a whale address.

Furthermore, another whale address 0x0bae1851fb0… burnt 1 million SHIB today, while still holding 17.32 million SHIB according to Etherscan data, which might be burned in the future.

The price of SHIB is currently at $0.00002335 as of 5:23 AM EST, reflecting a 3.6% increase in the past 24 hours and a 2.8% uptick in the last seven days, despite recent market fluctuations.

Shiba Inu has entered a phase of price consolidation and is expected to continue building on its momentum. Coinglass data shows a 4.40% surge in the Open Interest (OI) for Shiba Inu, reaching $60.31 million.

While the spike in the burn rate and overall market recovery have contributed to the recent price increases, developments within the Shiba Inu ecosystem have also played a significant role.

Lucie SHIB, Shiba Inu’s marketing expert, mentioned that Shibarium is actively engaging potential investors at the Dubai token2049 event, where Shiba Inu is a gold sponsor, enabling it to explore investment opportunities with industry leaders.

Additionally, data from MarketVecto, a subsidiary of VanEck, introduced the Meme Coin Index, showing that Shiba Inu is up by 28.34%, trailing Dogecoin at $30.77%. This indicates a growing interest in meme coins despite increased price volatility.

Looking ahead, SHIB has formed a Doji candlestick on the daily chart, signaling a shift in the bearish trend. The key price pivot at $0.00002292 suggests a potential rally towards the $0.00002429 level.

Moreover, SHIB is approaching the median band of the Donchian Channel (DC), indicating an increase in buyer pressure. The RSI indicator is in the neutral zone at 45.34, with a rise above 50 signifying buyers regaining control of the market.

Based on its recent price performance, SHIB is expected to rally towards $0.00002429 in the coming days.

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