Shiba Inu (SHIB) Burn Rate Skyrockets 439.9% in 24 Hours, Signaling a Potential Price Rebound

Shiba Inu (SHIB) has witnessed a huge surge in a major metric today. This development comes as the popular meme coin is struggling amid the recent crypto

, giving momentum to the meme coin

Major indicators for Shiba Inu (SHIB) have seen a big rally. The move comes as the popular meme coin struggles with the recent crypto market crash.

Shibburn's burnout rate has jumped 439.9% in the past 24 hours, according to Shibburn's latest data.

Over 6.2 million Shiba Inu tokens were sent to burn addresses during this time. This token burnout event was essential for the token as it could provide momentum to the price. Although not guaranteed, this rally remains a positive signal for the coin.

The process of sending a token to a burn address permanently removes that token from circulating supply. This means that no one can access these burnt tokens. They simply cannot be used for trade or transactions.

This is an essential process for Shiba Inu as it adds momentum to the SHIB price by increasing the scarcity of coins currently in circulation. It also helps make the overall ecosystem more efficient and streamlined.

In the case of Shiba Inu, over 410.72 trillion tokens have been burned since its initial supply. As of this writing, Dogecoin rival's current circulating supply stands at over 583.34 trillion. This means that the SHIB team has succeeded in increasing the scarcity of the token.

What does the SHIB price mean?

Currently, this meme coin is trading at $0.00001638, down 2.76% in the past 24 hours. Additionally, Shiba Inu's trading volume decreased by 24.26% to $391.82 million. These numbers present an alarming scenario for the token.

However, this bearish sentiment is widespread across the broader market. After the recent crash, the market is expected to recover to some extent. Shiba Inu prices are also expected to recover from current levels. Coupled with the latest increase in burn rate, SHIB's overall outlook is not too bleak.

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