Shiba Inu (SHIB) Might Be on the Verge of a Recovery as Burn Rate Spikes by 827%

Recent data reveals a huge spike in SHIB's burn rate, with 26.48 million tokens being permanently removed from circulation.

Shiba Inu (SHIB), the second-largest meme coin by market cap, might be on the verge of a recovery. 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, raising hopes among investors.

However, is this the start of something bigger for SHIB?

Shib Burn Rate Jumped by 827%

According to Shibburn, in the past 24 hours, the Shiba Inu community has burned an incredible 26,487,473 SHIB tokens. This marks an 827% increase in the burn rate.

The burn activity is part of a broader effort by the SHIB community to reduce the total supply of the token. By removing tokens from circulation, the aim is to create scarcity, which could lead to higher demand and a stronger price for the token over time.

The initiative began in March 2021, shortly after the launch of SHIB. Since then, billions of SHIB tokens have been burned, although this represents a small fraction of the 10 quadrillion total supply.

SHIB Price Shows Slight Recovery

The increased burn rate has had an immediate impact on SHIB’s price. The token has gained nearly 4% in the past 24 hours, reaching a price of $0.00001264. This is a promising sign for SHIB investors, as the token has been steadily decreasing in price for the past few weeks.

However, it's important to note that SHIB is still down over 70% from its all-time high of $0.00008840, which it reached in October 2021, during the height of the bull market.

Shib Chart Shows Buying Signal

Meanwhile, crypto analyst Ali Martinez has noticed something interesting for Shiba Inu (SHIB). Using a popular trading tool called the TD Sequential, Martinez spotted a “red 9” candle on SHIB’s weekly chart.

This is typically a sign that the downtrend could be coming to an end, suggesting that SHIB might be preparing for a price bounce.

As of now, SHIB is priced around $0.00001264, showing a small 3.48% increase in the past 24 hours, with a market cap hitting $7.43 billion.