Shiba Inu (SHIB) 900% Burn Rate Surge Is Growth Signal, Here's Why

The Shiba Inu token has recently witnessed a remarkable 900% surge in its burn rate, a development that is being interpreted as a strong signal for potential growth. This surge aligns with an impressive 12% increase in the asset's value amid the latest market reversal, hinting at a positive sentiment shift among investors that could be laying the groundwork for a longer-term bullish trend.

Timeline of Shiba-inu

Self-proclaimed ‘Dogecoin (CRYPTO: DOGE) killer' Shiba Inu (CRYPTO: SHIB) experienced a dramatic surge in its token burn rate, skyrocketing over 2500% in a single day. What Happened: The surge comes as 53.29 million SHIB tokens were permanently withdrawn from circulation.

In a recent development, Shiba Inu (SHIB) has reached a significant milestone by surpassing 3.74 million total addresses, according to data provided by Glassnode on Jan. 6. The continuous rise in the number of new addresses is evident, with 1,373 new addresses created on the mentioned date.

Shiba Inu bulls are on a critical mission at the start of 2024: to regain the psychological $0.00001 level. Shiba Inu had sustained above the key $0.000010 at the 2023 close, much to the delight of the bulls.

The Shiba Inu Layer 2 Shibarium network is recovering once again after the festivities of the holidays have died down. This time around, the layer 2 network is celebrating a major milestone after a couple of months of impressive outperformance.

This decision has stirred up a lot of ups and downs, making the overall crypto scene quite shaky and unpredictable. Shiba Inu (SHIB) Faces Steep Decline Amid Crypto Market Turmoil In the ever-changing realm of cryptocurrencies, Shiba Inu (SHIB), a well-known meme token, recently saw a notable downturn.

The Shiba Inu layer-2 network Shibarium enjoyed significant success at the end of 2023, crossing several milestones in the process. However, the network looks to be experiencing a cooling-off period following a significant drop in the number of transactions.

Shiba Inu has become a point of focus once again, but not for the right reasons, unfortunately. Instead, SHIB has been demolished during the recent cryptocurrency bull run, failing to rebound after a critical technical breakdown.

On Thursday morning, the cryptocurrency market registered further losses, witnessing a decline in Bitcoin (BTC), Ethereum (ETH), and smaller altcoins. At the time of reporting, Bitcoin had incurred a 2.82% decrease while Ethereum showed a 4.50% decline.

In the midst of a significant downturn in the cryptocurrency market, Shiba Inu (SHIB) has witnessed an astonishing surge in its burn rate, soaring to an unprecedented 3,963.36% in the last 24 hours, according to data from Shibburn. This surge comes as 1.22 million SHIB tokens were burned, impacting the current circulating supply, which now stands at 581.01 trillion tokens.

Shiba Inu (SHIB) has lost its hard-earned zero as the broader digital currency ecosystem took a major hit, sending Bitcoin (BTC) and altcoins to multi-week lows. Shiba Inu comes off as one of the worst hits this period with its price currently down by 8.88% in the past 24 hours to $0.000009672.