Shiba Inu Burn Rate Surges 229% Despite Price Dip, Sparking Hopes for a Rebound

Shiba Inu’s burn rate saw a 229% spike, burning over 2.6 million SHIB tokens, even as the price fell 5.86% in 24 hours. This burn rate boost could signal optimism for a potential price rebound.

Shiba Inu (SHIB) has experienced a turbulent 24 hours, with its price suffering a significant drop. However, while other key metrics such as price have declined, one area is showing unexpected strength—the SHIB burn rate. The burn rate saw a dramatic 229% increase, highlighting ongoing trust and activity within the Shiba Inu ecosystem despite recent setbacks.

SHIB Burn Rate and Impact on Price

Over 2.6 million SHIB tokens were sent to dead wallets during this burn rate surge, bringing the total number of burned tokens to a staggering 410.73 trillion SHIB. With just over 583.51 trillion tokens left in circulation, this burning mechanism continues to play a role in reducing the overall supply, theoretically boosting the long-term value of the token.

At the time of writing, SHIB’s price stands at $0.00001583, down 5.86% in the past 24 hours. Despite this drop, the burn rate could help prevent SHIB from falling below its $0.000015 support level. If the burn rate momentum continues, and the broader market outlook improves, SHIB could be poised for a price recovery and potentially remove another zero from its value.

Market Outlook and SHIB’s Correlation with Broader Crypto Trends

The broader crypto market continues to exert influence on SHIB’s performance. Bitcoin is battling to stay above its $61,000 support, while XRP faces fresh uncertainty in the ongoing Ripple vs. SEC legal battle. These larger market dynamics impact SHIB, making it unlikely for the token to stage a solo rally. However, a shift in the overall market sentiment could spark a rebound for SHIB, leveraging its inherent volatility.

Investors and SHIB holders will be watching closely to see if the current burn rate boost can sustain the token’s price above key support levels.

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