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Shiba Inu (SHIB) Burns 26.48 Million Tokens as Burn Rate Soars 827%
Shiba Inu (SHIB), the second-largest meme coin by market capitalization, is showing signs of potential recovery following a major spike in token burns. According to the latest data, over 26.48 million SHIB tokens have been permanently removed from circulation—driving the burn rate up by a staggering 827%.
The recent surge in burns has reignited investor optimism, leading to a modest but promising 4% price increase after weeks of downward momentum.
Massive Burn Push from the SHIB Community
As reported by Shibburn, the Shiba Inu community eliminated 26,487,473 tokens in the past 24 hours alone. This aggressive burn activity is part of a long-term strategy to reduce SHIB’s circulating supply, aiming to increase scarcity and, ultimately, value.
While the price reaction has been modest, this burn event is seen as a key step in stabilizing and potentially boosting SHIB’s market position.
Analyst Spots a Bullish Signal
Crypto analyst Ali Martinez added to the bullish sentiment, pointing out a “red 9” candle on SHIB’s weekly chart via the TD Sequential indicator—a technical signal often associated with the end of a bearish trend.
> “#ShibaInu $SHIB may be gearing up for a major rebound,” Martinez tweeted, sharing a chart that could hint at an upcoming reversal.
SHIB Market Snapshot
As of now, SHIB is trading at approximately $0.00001264, marking a 3.48% gain in the past 24 hours. Its market capitalization currently stands at around $7.43 billion, reflecting a renewed interest among investors.
With rising burn activity and technical indicators pointing to potential upside, all eyes are on SHIB to see if this is the beginning of a larger trend.