SHIB Consumption Rate Soars by 97%, New Buy Signal Appears, How Far Can the Rebound Be?
As of December 25, according to the latest statistics from Shibburn, the burn rate of Shiba Inu tokens has increased by nearly 97%. This has severely reduced the number of tokens in circulation.
As far as we know, 6.26 million SHIB have been sent to a dead address. This means they can no longer be part of the circulation. In summary, the increase in the burn rate brings a glimmer of optimistic hope for the potential price fluctuations of this asset in the future, which will vary based on supply and demand.
The SHIB token burn mechanism is designed to reduce the market supply of meme coins. Due to these and other positive ecosystem developments, investors are hopeful about the future of cryptocurrency. According to a recent report, "SHIB: Metaverse," which launched last Christmas, has attracted attention from the Shiba Inu community, raising the market visibility of the token.
Reportedly, the platform made its debut this Christmas with stunning visuals that attracted market participants. The new platform also leverages Chainlink CCIP, marking a significant step toward "SHIB Multi-chain Excellence."
Trading expert Javon Marks also holds a bullish view, believing that SHIB's technical formation shows potential to reach $0.000081, an increase of over 234%.
In fact, SHIB has formed a bullish reversal descending wedge pattern, gradually raising its lows after consolidation, demonstrating strong resilience and buyer confidence.
Although it previously experienced continuous trading losses and was affected by the overall crypto market, this bullish outlook brings some comfort to investors.
