Shiba Inu’s burn rate recently increased, removing billions of tokens from circulation.
Binance facilitated a significant SHIB burn, raising investor hopes for price gains.
Analysts predict an 80-90% rally if SHIB breaks through its resistance.
Shiba Inu has seen a spike in token burns, leading investors to anticipate a price rise. Over 5.5 billion SHIB tokens were sent to dead wallets, according to Shibburn data. Many in the Shiba Inu community believe this is a positive sign. The burn, initiated by Binance, is fueling bullish sentiment, with analysts predicting a potential rally of up to 90%.
5,581,450,000 $SHIB -> transferred to dead wallet. https://t.co/DcqIwXl55p
— Shibburn (@shibburn) October 31, 2024
Binance Leads SHIB Burn
Binance played a key role in this round of burns. The Binance18 wallet burned more than 5.5 billion SHIB tokens. This reduction in token supply is part of an ongoing effort by the Shiba Inu community to reduce the available supply of SHIB, theoretically making each remaining token more valuable.
The Shiba Inu community has been encouraging centralized exchanges (CEXs) like Binance to contribute to SHIB burns. Binance’s in…
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