SHIB Price Decline May Reverse as Burn Rate Surges by 5569.31%
- Shiba Inu burn rate spikes by 5569.31%, reducing token supply and fueling hopes for a price rebound.
- Market expert Ali Martinez identifies a buy signal on SHIB’s daily chart, indicating potential reversal.
- Despite recent price declines, SHIB’s burn rate surge aligns with deflationary strategy, sparking optimism among investors.
The Shiba Inu (SHIB) community has witnessed a rise in the token burn rate, with a reported 5569.31% increase over the past 24 hours, according to data from Shibburn.
During this period, 11.93 million SHIB tokens were burned, reducing the total circulating supply. Notably, a single wallet, identified by the address 0x608…, contributed significantly by burning 10.15 million tokens across two transactions.
Shiba Inu Burn rate (Source: Shibburn)
Despite the downward trend in SHIB’s price, the increased burn rate has sparked optimism among traders and investors. The principle of supply and demand suggests that reducing the supply of an asset, while maintaining or increasing demand, can lead to price increases.
Moreover, this has led market experts, such as Ali Martinez, to predict a potential rebound in SHIB’s value. Ma…
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