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Shiba Inu Burn Rate Soars 550% Amid Market Rebound

Shiba Inu Burn Rate Soars 550% Amid Market Rebound

Amid a broader crypto market recovery, the Shiba Inu burn rate surge has sparked investor optimism, suggesting that SHIB could reach $0.000018.

On Tuesday, the Shiba Inu burn rate experienced an extraordinary increase of more than 550%, contributing to investor optimism in the context of a broader crypto market recovery. The meme coin’s tokenomics were significantly enhanced by removing over 4 million coins from the asset’s circulation. Concurrently, the SHIB price experienced a nearly 10% intraday increase, driven by the burn rate impact and the broader market trend.

Investors are optimistic as the supply of Shiba Inu dwindles, as the burn rate has increased by more than 550%

The Shiba Inu burn rate has increased by 567.83% in the past 24 hours, as indicated by an X post by the tracker Shibburn on February 4. This extraordinary increase is due to removing 4.61 million coins from the cryptocurrency’s circulating supply.

To provide context, the SHIB token burn mechanism has consistently reduced the circulating supply, with nearly 1 billion coins being eliminated in the previous month. Retrieving these tokens is impossible as they are sent to a null address. The meme coin’s market supply had further diminished to 589.25 trillion tokens at the reporting time.

Consequently, traders and investors anticipate a favorable market sentiment for the meme coin, predicated on the law of supply and demand.

The Crypto Market Recovery reinforces optimism

On Tuesday, the broader market recovery significantly affected investors’ sentiment. The crypto market experienced a recovery due to the swift trade war, precipitated by the announcement of a 30-day moratorium on Trump’s new tariffs for Canada and Mexico.

Altcoins and meme coins replicated the price action of Bitcoin, which recovered and reached an intraday high of $102,000. Concurrently, the price of the Shiba Inu coin experienced a recovery, further supported by the increase in the combustion rate.

Can the SHIB price reach $0.000018 due to the burn rate surge?

At the time of this report, the price of SHIB has increased by 11% and is currently trading at $0.00001560. At $0.00001358 and $0.00001691, the meme coin’s 24-hour low and peak were, respectively. As previously remarked, the current bullish trend is consistent with the broader trend and the increase in the burn rate.

A recent Shiba Inu token price analysis revealed a significant increase in transaction volumes, which sparked optimistic sentiments regarding future movements. It is important to note that this data indicates that institutional or large-scale investors may leverage the recent market volatility to accumulate, suggesting that a price increase is imminent. According to the analysis, the meme coin’s subsequent critical price point is $0.000015.

The current price is above the level above, which is intriguing due to the Shiba Inu burn rate surge and the broader market recovery. The token’s movement toward $0.000018 could be facilitated by a persistent favorable momentum bolstered by the consistent reduction of supply through burns.

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