Shiba

Eden

Shiba Inu

Magic Eden

<ul class="wp-block-list">
 <li>SHIB burn rate surge boosts optimism despite recent price decline.</li>
 <li>Shiba Inu’s supply reduction could trigger future price gains.</li>
</ul>
Shiba Inu (SHIB), one of the most prominent <a href="https://thenewscrypto.com/bitcoins-recent-surge-drives-memecoins-breakouts/" target="_blank" rel="noopener noreferrer nofollow">memecoins</a> in the crypto space, is currently experiencing a bearish phase, despite a notable surge in its burn rate. On December 8, SHIB reached a nine-month high of $0.00003343, catching the attention of investors. However, in a sharp reversal, the altcoin has since plummeted to $0.00002511, reflecting an 11% drop in the 24-hour timeline. Despite the decline, trading volume has surged by 105%, indicating heightened market activity.
Meanwhile, the increase in SHIB’s burn rate is a key factor driving investor interest. On December 5, data from Shibburn revealed a remarkable 1000% surge in the token’s burn rate, suggesting that the circulating supply of SHIB had been significantly reduced. In total, 51.76 million SHIB tokens were sent to a null address, effectively removing them from circulation.&nbsp;
Additionally, the weekly burn data indicates that a total of 2.44 billion SHIB tokens were burned, further shrinking the total circulating supply to approximately 589.25 trillion SHIB. The impact of these burns has reinforced the supply-and-demand narrative, contributing to growing optimism surrounding the coin.
<h3 class="wp-block-heading" id="h-shib-potential-bullish-breakout">SHIB Potential Bullish Breakout?</h3>
Despite the optimistic fundamentals, SHIB’s <a href="https://thenewscrypto.com/shiba-inu-shib-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">price</a> has experienced a 15% intraday drop, now sitting at $0.00002646. The 24-hour low and high were recorded at $0.00002511 and $0.00003141, respectively. However, the asset has seen a 16% <a href="https://coinmarketcap.com/currencies/shiba-inu/" target="_blank" rel="noopener noreferrer nofollow">increase</a> over the past week, suggesting potential for future gains.
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdVZ48XcALUWnmhHXKtYC1CGpIF19Nfgy56er7j2z9Q6D3ZbN5NUm_s5wecvuP-agBRT2I4hIImn0rsXk65wv5VPj_FGhuLB_IsuxHuf12NoLkw7iGJLsbQHFedMaqQOEhWso6G0g?key=qQ-bTY48leAnuLDMMH3DBVE1" alt="">
 <figcaption class="wp-element-caption">
 SHIB Price Chart, Source: Sanbase
 </figcaption>
 </figure>
</div>
Analysts suggest that SHIB’s price could see a further 100% increase, citing that large holders control 73% of the token’s supply. This concentration of wealth indicates that it may experience significant price movement soon. As the token navigates a bearish phase, the burn rate surge and strong on-chain metrics point to a potentially <a href="https://in.tradingview.com/chart/EJXIwxE9/?symbol=BINANCE%3ASHIBUSDT" target="_blank" rel="noopener noreferrer nofollow">bullish</a> outlook ahead. The daily RSI is at 63, suggesting that it is reaching an overbought situation.
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Will SHIB Burn Rate Surge Lead to a Price Reversal?

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