The Shiba Inu burn rate has experienced a remarkable turnaround, surging by 1,068% despite a recent decline in the meme coin’s price. This unexpected increase in the burn rate comes at a time when the market trend for Shiba Inu remains bearish, with indicators suggesting potential further price corrections. However, the sharp rise in the burn rate could signal renewed interest from investors, potentially paving the way for a price recovery above $0.00003 for Shiba Inu.
According to data from Shibburn, over 51.76 million SHIB tokens have been burned in the past 24 hours, indicating a consistent burn rate with millions of tokens being burned hourly. This surge in burn rate, which amounts to a significant reduction in the token’s supply, is a positive sign for the asset. Despite experiencing a decline in burn rate earlier this month, the recent spike indicates a potential path to recovery for Shiba Inu.
The steep decline in the burn rate of Shiba Inu coincided with a drop in its price after briefly surpassing the $0.00003 mark. Additionally, data from Santiment shows a decrease in Shiba Inu’s Market Value to Realized Value (MVRV) by more than 3%, suggesting that SHIB holders may have suffered losses in the past week. The dwindling number of daily active addresses on the Shiba Inu network further points to a possible price correction in the near future.
Despite these concerning indicators, the recent rebound in Shiba Inu’s burn rate offers hope for a price recovery. Token burns play a crucial role in reducing the circulating supply of an asset, potentially driving up demand and triggering a price surge. With Shiba Inu’s total supply still high at 589.5 trillion, consistent burns could increase scarcity and boost the asset’s value.
In terms of price performance, CoinMarketCap data shows a 12% decline in the Shiba Inu price over the last 24 hours, dropping to $0.000026. Despite this bearish trend, Shiba Inu has managed to maintain its price above $0.000025, showing resilience in the face of market challenges. Prominent analyst Bluntz on X has highlighted Shiba Inu’s strength and potential, suggesting that the meme coin could see a price rebound to the $0.00003 mark.
The analyst believes that Shiba Inu is still in a solid uptrend, supported by its recent surge in burn rate and strong fundamentals. While no parabolic breakout is imminent, the controlled uptrend could lead to further price gains for Shiba Inu. Overall, the combination of increased burn rate and resilient price performance indicates a possible recovery for Shiba Inu in the near future.
In conclusion, the recent spike in Shiba Inu’s burn rate offers a glimmer of hope for the meme coin’s price recovery amidst a bearish market trend. With investors showing renewed interest and the potential for further burn rate increases, Shiba Inu could be on track for a positive price trajectory, potentially surpassing the $0.00003 mark once again.
