Shiba Inu (SHIB) Burn Rate Spikes 827%, Leading to a Nearly 4% Price Increase

Recent data reveals a huge spike in SHIB’s burn rate, with 26.48 million tokens being permanently removed from circulation. This has led to a slight price increase

Shiba Inu (SHIB) experienced a significant surge in burn activity as 26.48 million tokens were sent to dead wallets, marking an 827% increase in burn rate. This collective effort by the community to burn SHIB aims to reduce the token's circulating supply.

Shib Burn Rate Spikes 827%

According to data from Shibburn, in the last 24 hours, the Shiba Inu community burned a total of 26,487,473 SHIB tokens. This burns occurred across various transactions, highlighting the collective effort to reduce the token's supply.

However, this burns come as part of a broader initiative by SHIB investors to decrease the overall supply of the token. By sending tokens to dead wallets, effectively removing them from circulation, the community is aiming to create scarcity.

The theory behind this strategy is that by reducing supply and increasing demand, the price of SHIB will rise over time.

Shib Price Shows Slight Increase

While the impact of this sudden SHIB burn on the token's price seems minimal at first glance, it has risen by about 4%. This is a promising development following weeks of price declines.

Moreover, crypto analyst Ali Martinez has identified a potential buying opportunity for Shiba Inu (SHIB). Using the TD Sequential, a well-known trading tool among traders, Martinez spotted a “red 9” candle on SHIB’s weekly chart.

This is usually a signal that the downtrend could be nearing its end, suggesting that SHIB might be setting the stage for a price bounce.

As of yet, SHIB is trading at $0.00001264, showing a small variation of 3.48% in the last 24 hours, with a market cap of $7.43 billion.