Shiba Inu Burn Rate Spikes 874% as SHIB Price Rebounds From Lows

The Shiba Inu burn rate has spiked to new weekly highs after a return of positive sentiment. In the last 24 hours alone, over 8.7 million SHIB tokens have been sent to the dead address, leading to an 874.74% spike in the burn rate.

The burn rate of Shiba Inu (SHIB) has seen a massive recovery in the last 24 hours, with the number of tokens being sent to the burn address increasing drastically. This recovery comes as the crypto market has started to move into the green once again, and digital assets like Shiba Inu are rebounding from their lows.

According to the latest data from Shibburn, the burn rate of SHIB has spiked by 874.74%, with a total of 8,772,074 SHIB tokens being burned over the last 24 hours.

For a precise burn rate, this figure marks an increase of 0.0087% in the SHIB circulating supply, which now stands at 549,007,904,644,000 SHIB tokens.

The burn rate of Shiba Inu is the rate at which SHIB tokens are being sent to the burn address. This address is designed to permanently remove tokens from circulation, effectively reducing the total supply of SHIB.

Burning tokens can help to increase the scarcity of the remaining tokens, potentially leading to an increase in their value. Several wallets have contributed to the burning of SHIB tokens in the last 24 hours.

However, the majority of the tokens were burned by a single wallet, which sent two large transactions to the burn address, totaling 8,440,667 SHIB tokens. The remaining tokens were burned by four other wallets, with amounts ranging from 100,000 to 156,753 SHIB tokens.

The burning of SHIB tokens by the community has been ongoing for several months now, and it has already resulted in the removal of trillions of tokens from circulation.

This effort is being driven by the SHIBArmy, a group of dedicated Shiba Inu enthusiasts who are aiming to increase the value of their favorite meme coin by reducing its total supply.

Meanwhile, the price of SHIB has seen a slight decrease in the last 24 hours, currently trading at $0.00001749, with a 9.18% decline.

However, despite this decrease, SHIB is still up by 9.18% over the last week, and it has recovered significantly from its lows of last month.

The price of SHIB is now showing signs of forming a double bottom on the 4-hour chart, which could indicate a potential trend reversal and a move to the upside in the coming days.

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