Shiba Inu Burn Rate Soars 1500%, Price Slightly Rises 1.5%, Bright Future Ahead!

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Shiba Inu (SHIB) has recently attracted widespread attention in the market due to its burn rate skyrocketing 1500% in just one day, with over 33 million SHIB tokens burned, leading to a 1.5% price increase. According to data from Shibburn, 33.01 million SHIB were burned in the past 24 hours, while the total weekly burn amount has reached 44.03 million, further reducing the circulating supply.

The burn mechanism of Shiba Inu aims to create scarcity by reducing supply, thereby increasing the token's value. In December alone, Shiba Inu burned 2.67 billion tokens through 143 transactions. The total burn amount for this year has reached 44.62 billion, significantly compressing market supply and enhancing the long-term potential of the token.

Additionally, on January 1, a long-dormant SHIB whale withdrew 220 billion tokens from Binance, boosting market bullish sentiment. This indicates that whales are shifting towards self-custody and adopting long-term holding strategies, further driving optimistic expectations for Shiba Inu in the market.

Despite a 25% drop on the monthly chart, SHIB's price has slightly rebounded due to the burn activities and whale trading, currently trading at $0.00002276, with a 1.5% increase over the past 24 hours. Market analysis indicates that SHIB must hold above the support level of $0.000022 and break through the resistance level of $0.000025 to see a larger rebound.

Looking ahead, analysts expect SHIB could aim towards the $0.001 target, especially with ongoing burn activities and a market recovery. As the cryptocurrency market gradually recovers, Shiba Inu's potential as a meme coin remains strong.

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