Can Shiba Inu Burn Its Way to the Moon? Investors Are Hopeful
- SHIB community members are optimistic following a burn rate spike.
- Shiba Inu’s burn rate spiked 570% in the past 24 hours.
- SHIB’s price climbed above the $0.000025 resistance following the spike in burn rate.
A wave of optimism has swept through the Shiba Inu community as the native cryptocurrency’s burn rate experienced a sharp spike. Data from the Shibburn tracker indicates that the SHIB burn rate surged by nearly 570% in the past 24 hours, with four wallets identified as primarily responsible for these burns.
This recent development has piqued the interest of Shiba Inu enthusiasts, rekindling bullish sentiment for the flagship memecoin. Traders and investors are closely monitoring the impact of the surging burn rate, which automatically reduces Shiba Inu’s market supply, potentially leading to favorable implications for its tokenomics in the future.
Notably, the Shiba Inu community burned 12.7 million SHIB tokens over the last 24 hours, with four wallets playing a pivotal role in this endeavor. The Shibburn tracker identified one address that transferred 4.6 million SHIB tokens to a dead wallet, effectively removing them from circulation. Another ad…
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