The #SHIBAINU burn rate rose by 5569.31%, reducing the supply of tokens and fueling hopes of a price rebound.

Market expert Ali Martinez identified a buy signal on the daily chart $SHIB , indicating a potential reversal.

Despite the recent decline in prices, the increase in burn rate #shiba⚡ is consistent with a deflationary strategy, causing optimism among decliners.

According to Shibburn, the #Shibalnu (SHIB) community has witnessed an increase in token burn rate, with it increasing by 5569.31% in the last 24 hours.

During this period, 11.93 million SHIB tokens were burned, reducing the total circulating supply. Notably, one wallet, identified at address 0x608..., made a significant contribution, burning 10.15 million tokens in two transactions.

Despite the downward trend in the price of SHIB, the increased burn rate has sparked optimism among traders and investors. The principle of supply and demand suggests that a decrease in the supply of an asset while demand remains the same or increases can cause prices to rise.

Moreover, this has caused market experts such as Ali Martinez to predict a potential rebound in SHIB's value. Martinez identified a buy signal on the daily chart of SHIB using the TD Sequential indicator, suggesting a possible reversal in the token's downtrend.

The price of Shiba Inu has been declining recently, dropping below $0.00002. At the time of publication, the SHIB price is $0.000018, down 11.12% in the last 24 hours. Despite a brief sign of recovery on June 16, the token continued to fall. However, a recent surge in burning rates is fueling hopes of a potential recovery.

The spike in burn rate is consistent with #ShibaInuAI 's deflationary strategy to reduce the total number of tokens in circulation. This strategy is seen as a potential catalyst for increasing the value of the token. Recent significant flaring assets coupled with positive market sentiment have created a wave of optimism in the community #ShibaInuSurge $BONK $PEPE