Shiba

Token

Burn

Shiba Inu

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/shiba-inu-token-burn-rate-skyrockets" data-wpel-link="internal" rel="noopener noreferrer nofollow">Shiba Inu Token Burn Rate Skyrockets</a><br></p>
<p style="text-align: justify">The popular <a href="https://en.bitcoinhaber.net/bonk-meme-coin-skyrockets-in-solana-ecosystem" data-wpel-link="internal" rel="noopener noreferrer nofollow">memecoin</a>, Shiba Inu (SHIB), has recently garnered considerable attention in the cryptocurrency <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">market</a> due to a dramatic surge in its token burn rate. Shibburn, a platform that monitors SHIB token burns, reported an extraordinary 16,600% increase in the burn rate, igniting speculation about a potential price recovery despite a current decline in SHIB’s value.</p>
<h2 id="why-is-the-token-burn-rate-increasing">Why Is the Token Burn Rate Increasing?</h2>
<p style="text-align: justify">The Shiba Inu community has taken significant steps by burning SHIB tokens worth $21.5 million, reducing the circulating supply and potentially boosting the token’s value. Over the past 24 hours, a notable 16,593% increase in the burn rate was recorded, with community members collectively burning 21.5 million SHIB through multiple transactions. A wallet address starting with 0x498 played a major role by transferring 21.31 million SHIB to a dead wallet in a single transaction.</p>
<h2 id="can-price-recovery-follow">Can Price Recovery Follow?</h2>
<p style="text-align: justify">Despite the substantial burn, SHIB’s price has fallen below the crucial support level of $0.000024, moving away from the resistance level at $0.000025. Currently, SHIB’s price is down by 3.30% in the last 24 hours, standing at $0.00002392 with a market capitalization of $14.09 billion. However, trading volume has surged by 42.35% to reach $659.67 million.</p>
<h2 id="key-takeaways-for-investors">Key Takeaways for Investors</h2>
<ul>
 <li>A significant increase in SHIB’s token burn rate may lead to a price uptick if demand remains steady or rises.</li>
 <li>Despite the token burn, SHIB’s price is currently experiencing a downward trend.</li>
 <li>An essential level to watch for potential price recovery is $0.000025, with possible targets at $0.000030 or $0.000050.</li>
 <li>Derivative market <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">data shows</a> a decrease in open interest for SHIB futures, indicating reduced enthusiasm among derivative traders.</li>
</ul>
<p style="text-align: justify">Although the rising token burn rate has instilled a sense of optimism within the Shiba Inu community, surpassing the $0.000025 level is crucial for a significant price recovery. If successful, SHIB could aim for higher targets. In contrast, the derivatives market presents a more cautious outlook, with declining open interest and increased long liquidations suggesting potential further declines.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/shiba-inu-token-burn-rate-skyrockets" data-wpel-link="internal" rel="noopener noreferrer nofollow">Shiba Inu Token Burn Rate Skyrockets</a></h5>

Shiba Inu Token Burn Rate Skyrockets

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