Shiba Inu (SHIB) Burn Rate Soars 18,000% Amid Crypto Turmoil

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In a recent report, Shiba Inu's burn rate, a key deflationary metric for the cryptocurrency, has skyrocketed by over 18,000%, reaching an astounding 25,035.22% increase in just the last 24 hours. Amidst a general market downturn, this Ethereum-based memecoin has destroyed a significant number of tokens, totaling 658 million SHIB. Despite the severe crypto market corrections, Shiba Inu's actions could potentially transform its market standing by significantly reducing its supply. However, the SHIB token price has recently dropped by approximately 11.77%, casting doubts on the immediate effectiveness of these burns in boosting its value. As the market watches, the next steps for Shiba Inu could either secure a higher resistance range or lead to further declines, depending on its ability to maintain critical price levels.