Shiba Inu (SHIB), the second-largest meme coin by market cap, might be on the verge of a recovery. Recent data reveals a huge spike in SHIB’s burn rate, with 26.48 million tokens being permanently removed from circulation. This has led to a slight price increase, raising hopes among investors. But is this the start of something bigger for SHIB?
Shib Burn Rate Jumped by 827%
According to Shibburn, in the past 24 hours, the Shiba Inu community has burned an incredible 26,487,473 SHIB tokens, marking an impressive 827% increase in the burn rate.
However, this burn activity is part of a broader effort by the SHIB community to reduce the total supply of the token. By removing tokens from circulation, the aim is to create scarcity, which could lead to higher demand and a stronger price over time.
While this sudden burn has had an immediate impact on SHIB’s price, it has gained nearly 4%, a promising sign after weeks of declining prices.
Shib Chart Shows Buying Signal
Meanwhile, crypto analyst Ali Martinez has noticed something interesting for Shiba Inu (SHIB). Using a popular trading tool called the TD Sequential, Martinez spotted a “red 9” candle on SHIB’s weekly chart.
This is typically a sign that the downtrend could be coming to an end, suggesting that SHIB might be preparing for a price bounce.
As of now, SHIB is priced around $0.00001264, showing a small 3.48% increase in the past 24 hours, with a market cap hitting $7.43 billion.
