The Shiba Inu community has witnessed a staggering surge in the burn rate, marking an astonishing 64,000% increase over the past 24 hours. A whopping 657 million SHIB tokens were extinguished within this short timeframe, catapulting the total burned tokens to an eye-popping 410,725,564,272,084.
Despite enduring a challenging weekend marked by significant market corrections, there are promising signs of a potential rebound for SHIB. The current daily scale reflects a 6.83% uptick in SHIB price, indicating a hopeful trajectory toward recovery.
This optimism comes after SHIB weathered three consecutive days of losses, experiencing a notable 26.71% dip and breaching the $0.00002 support level. Following an initial recovery earlier in the month, SHIB struggled to sustain momentum, ultimately succumbing to a bearish trend that drove it towards new lows by the week's end.
While Shiba Inu has demonstrated remarkable growth, inching closer to the market capitalization of its counterpart, Dogecoin, the recent market downturn has exerted its influence on SHIB. As of now, on-chain signals for SHIB predominantly favor a bearish outlook.
However, amidst these challenges, the SHIB community remains steadfast in its resolve. Lucie, the official marketing specialist for the Shiba Inu team, recently shared an optimistic tweet, reaffirming the team's unwavering commitment to their vision for Shibarium.
In her tweet, Lucie emphasized the team's determination to propel Shibarium to the forefront of the cryptocurrency market, undeterred by external dynamics such as partner interactions. "We won't stop," she declared, echoing the resolute spirit that continues to drive the SHIB army forward.
$SHIB
