Prediction: The firing rate is as high as 8500%, Shib will be reversed

Shiba Inu Coin Burn Rate Skyrockets

Today, the Shiba Inuit burn rate is a staggering 8596.57%. This resulted in 17.71 million SHIB tokens being destroyed. Furthermore, this significant increase in burn rate caught the attention of the cryptocurrency community, especially due to the involvement of two famous wallets.

The highest burn was initiated by wallet 0x608…, known for its consistent participation in Shiba Inu burn schemes. A staggering 7.77 million SHIB tokens were burned from this wallet alone. Another wallet, 0xa2d… contributed to this effort by moving 4.17 million SHIB tokens into a dead wallet, effectively removing them from circulation.

Historically, burn events have had mixed effects on SHIB prices. While reduced supply could lead to higher prices, the actual impact depends on a variety of factors, including market sentiment, overall demand and broader cryptocurrency market conditions. In the short term, news of such a high burn rate could drive some positive sentiment and buying activity from SHIB investors, potentially causing the price to rise.

SHIB’s price has recently been temporarily supported around $0.00001688. If this support holds, Shiba Inu could rebound towards $0.00002129, which would be a 28% increase from current levels

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