According to statistics from Shibburn, Shiba Inu (SHIB) has had an incredible spike in its burn rate over the past 24 hours, reaching an unprecedented 3,963.36% in the middle of a major drop in the cryptocurrency market. This increase coincides with the burning of 1.22 million SHIB tokens, which has reduced the amount of tokens in circulation to 581.01 trillion.
https://x.com/shibburn/status/1742863494746079310?s=20
Signs of recovery?
SHIB’s market price is currently $0.000009603, which is an 8.44% decrease over the previous day. SHIB has demonstrated resiliency over the previous 30 days, managing to remain up by 6.57%, despite this latest fall. Concurrently, there has been a notable shakeout in the cryptocurrency market as a whole, with an astounding $730 million in liquidations in a single day.
This incident represents one of the most difficult days for the market since 2022. Significant losses were incurred by both long and short positions, putting bulls and bears in a risky position. Going back to the particulars of the Shiba Inu market, a new U.Today research indicates that investor mood towards the breed may shift in the days ahead.
According to cryptocurrency specialists, SHIB’s decline may have peaked, and the Bollinger Bands imply that a trend change is beginning. SHIB may soon change direction from where it is now trading, which is in the lower bands. Because of this, the increase in Shiba Inus’ burn rate is currently considered to be a noteworthy development that may help to reverse the trend.
With more than a million tokens burnt in the previous day, experts and investors are keeping a close eye out for any indications of growing scarcity and a resurgence of interest in Shiba Inus. This development may have a significant impact on SHIB’s future course as the cryptocurrency market struggles to recover from recent setbacks and establish itself in the new year.
