Shiba Inu (SHIB) Burn Rate Spikes 1088%, Coinciding with a 4.5% Price Increase

The burning process involves sending tokens to a dead wallet, permanently removing them from circulation.

Shiba Inu (SHIB) has seen a remarkable 1088% surge in its burn rate, which coincides with a 4.5% increase in its price.

When tokens are burned, they are essentially sent to a dead wallet, which permanently removes them from circulation.

The live price of Shiba Inu (SHIB) today is at around $0.000015, with a 24-hour trading volume of $307 million. It's worth noting that SHIB has seen a 6.22% increase in the last 24 hours.

According to data from Zycrypto.com, nearly 100,000 tokens have been burned, bringing the total burned since the inception to 410.72 trillion. While higher burn rates usually decrease the supply and can boost prices, this correlation isn't always straightforward, as noted by Zycrypto.com.

$SHIB (Shiba Inu)'s ≈6X:

Prices of Shiba are currently nearing the converging or breakout point of a massive Falling Wedge pattern on the daily (1d Chart) and with a recent confirmation of a Regular Bullish Divergence, this can be pointing to a bullish breakout!

This can spark… pic.twitter.com/sAUSyrH4q0

— JAVON⚡️MARKS (@JavonTM1) August 17, 2024

However, the recent price increase indicates growing demand, which, when combined with the rising burn rate, could further boost SHIB's value.

Moreover, the Sharpe ratio of SHIB has improved, suggesting better profitability for investors. On the 4-hour chart, SHIB is seen trading within an ascending channel, which indicates consistent buying interest.

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