Shiba Inu Burn Rate Soars 1,726% – Is This the Breakthrough SHIB Needs?

• SHIB burn rate surges 1,726% driving token supply reduction.
• Massive SHIB burns hint at potential price recovery ahead.
• Shiba Inu’s supply drops drastically, could boost future value.

Shiba Inu (SHIB) has seen a massive surge in its burn rate, with an eye-popping 35,386,697 SHIB burned in the last 24 hours alone. This marks an extraordinary 1,726.32% increase in the daily burn rate, a sign that the community’s efforts to reduce the circulating supply are gaining significant momentum.

The surge in SHIB burns has directly impacted the overall supply of the token, which now stands at 589,246,171,323,119 SHIB. As more tokens are sent to dead wallets, the total supply continues to decrease, potentially setting the stage for future price movements. This sharp rise in burn activity is also reflected in the weekly burn rate, which has climbed 148.46%, with 116,664,862 SHIB removed from circulation in the past seven days.

Despite these positive developments in the burn rate, Shiba Inu’s price remains under pressure. The cryptocurrency has fallen 1.34% in the last 24 hours, now trading at $0.000007917. This price dip comes as part of a broader downtrend in the market, with many major cryptocurrencies facing challenges as December begins.

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Will Shiba Inu’s Burn Surge Be Enough to Ignite a Price Reversal?

Although Shiba Inu has historically struggled in December, there are signs that the recent burn surge could provide the catalyst for a shift. The token’s price has often struggled during this month, with sharp declines in 2021 and 2022. However, the rise in burns may offer hope for a price reversal, as the reduced supply could influence market sentiment.

Shiba Inu ended November on a negative note, down 16.67%, marking its fourth consecutive red month. But with this massive surge in burn activity, the community seems more committed than ever to reducing supply, which could play a key role in turning the token’s price around.

While Shiba Inu’s price continues to face challenges, the explosive increase in burn activity might just be the breakthrough SHIB needs to recover and regain momentum in the coming weeks.

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