The post Shiba Inu Burn Rate Climbs 65,529%: SHIB Price to $0.0001? appeared on BitcoinEthereumNews.com.

The burn rate of Shiba Inu (SHIB) has seen a staggering 65,529.67% increase in the last 24 hours, with over 2.6 million SHIB tokens destroyed as part of efforts to reduce the coin’s circulating supply. This sudden spike in the burn rate has piqued the interest of Shiba Inu holders and crypto analysts as burn events often stir speculation on potential price impacts. Shiba Inu Burn Rate Spikes Data shows that the most recent burn transactions each moved millions and thousands of SHIB tokens to designated “dead wallets,” according to Shibburn. This reflects an accelerating reduction in the supply, fueling hopes for a positive SHIB price trend in the long term. In a notable burn transaction recorded two hours ago, 344,431 SHIB tokens were burned by the address “0x608…” Meanwhile, a substantial burn of 1.5 million SHIB tokens occurred 15 hours ago from another wallet. Altogether, this series of transactions has aimed to boost SHIB’s scarcity by removing tokens from circulation, a strategy popular in the crypto space to push the demand dynamics. With significant tokens burned, the SHIB supply is shrinking gradually. As of now, 410.73 trillion SHIB tokens have been burned, which is seen as a bullish development. Will SHIB Price Surge to $0.0001? Despite these efforts, Shiba Inu’s price has struggled recently, grappling with a short-term downtrend. As of Friday, October 25, SHIB was trading at $0.00001733, marking a 2.74% dip over the past day and a near 9% loss over the past week. However, SHIB still holds a 12% gain over the past month, and analysts remain cautiously optimistic. They believe a potential recovery could unfold if SHIB manages to reclaim the key level of $0.00001850, which could trigger further gains. Analysts suggest that if Shiba Inu maintains upward momentum, it may advance toward the critical…

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Filed under: News - @ October 25, 2024 10:25 pm