The Shiba Inu crypto has captured the market participants’ attention with a surge in its burn rate, despite a recent dip of approximately 8% in the SHIB price. Notably, this significant spike in the Shiba Inu burn rate, reflecting a surge of over 2000%, has reignited optimism among investors, hinting at potential recovery prospects for SHIB. In addition, the price performance over the last hour also reflected a rebound in the SHIB price.

Burn Rate Sparks SHIB Price Speculations

The Shiba Inu burn rate, tracked by Shibburn, has skyrocketed by over 2000%, marking a significant uptick in investor confidence. With over 40.06 million SHIB burned in the last 24 hours alone, this surge has been fueled by two massive burns, totaling 20 million and 16.86 million respectively. 

However, despite the ongoing SHIB burning frenzy which has seen over 410.72 trillion SHIB destroyed from its initial supply, the circulating supply still remains substantial at 582.87 trillion.

Meanwhile, the burning mechanism within the Shiba Inu ecosystem is strategically designed to reduce token supply, thereby potentially increasing its value within the crypto community, let alone the meme coin sector. By actively participating in token burning, the SHIB community aims to create scarcity, a move that could drive long-term value appreciation. 

Notably, this proactive approach sets Shiba Inu apart within the cryptocurrency landscape, contrasting with traditional inflationary models.

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Price Recovery Ahead?

Adding to the momentum, Shiba Inu’s recent listing on Robinhood for New York users has further bolstered its visibility and accessibility. With Robinhood’s announcement, users in New York can seamlessly trade SHIB alongside other cryptocurrencies like AVAX and COMP. Notably, this announcement has fuelled the investors’ confidence, signaling a potential recovery for SHIB’s price ahead.

In addition, Shiba Inu’s recent fundraising of $12 million through TREAT utility and governance tokens demonstrates the project’s commitment to expanding its utility and use cases. Besides, this includes the development of a new privacy-focused Layer 3 blockchain and other initiatives aimed at enhancing the Shiba Inu ecosystem.

However, while the past 24 hours have seen a remarkable spike in burn rate, it’s essential to note a slight decrease in the weekly burn rate by 37.31%. Despite this, the recent surge in burn rate, coupled with significant developments and listings, paints a promising picture for Shiba Inu’s future trajectory.

As of writing, the Shiba Inu price was down 7.87% and traded at $0.0000251 during writing, while its trading volume rose 11.02% to $868.08 million. Despite the slump, the meme coin’s price has added about 1.02% over the last hour.

Shiba Inu Price

Also Read: US SEC To Deny Spot Ethereum ETFs – Reuters

The post SHIB Price: Shiba Inu Burn Rate Jumps 2000% Igniting Recovery Hope appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am