Shiba Inu Coin: SHIB Burn Shoots 4000%, Signals Price Recovery Ahead?

Shiba Inu, known as the "Dogecoin killer," experienced a remarkable 4000% surge in its burn rate, generating positive sentiment among investors regarding its price movement. Despite a drop in SHIB's price to $0.000026, the surge in burn rate, attributed to the destruction of 154.99 million SHIB in 24 hours, has sparked optimism in the market. This decrease in supply counteracts the price drop, fostering enthusiasm for the meme coin's future performance. However, recent data indicates a slight decline in SHIB's price and market interest, with a 0.24% drop in price over 24 hours and reduced derivatives volume. Nevertheless, some analysts predict potential price support if the token continues to decrease its supply, while others warn of a retest of the $0.00002368 level if broader market pressures persist.

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