Shiba Inu (SHIB) has been on the agenda of the crypto world lately. While many thought of SHIB as another meme coin destined to be forgotten, the token made a quick move.
In the last 24 hours, SHIB’s burn rate has increased by a staggering 1,000%. The price is also showing signs of a slight recovery. SHIB had recently fallen below a key trend line support level, which had many traders biting their nails. Falling below this line usually indicates a bearish trend. For a moment it looked like SHIB was going down this path.
meme coin The price has seen a slight rebound with this burn rate increase. As of the latest data, Shiba Inu is priced at $0.0000073, an increase of 0.44%. This may seem like a modest increase. However cryptocurrency It is a step in a positive direction in the changing world of the unit. Especially since SHIB recently broke below a local trendline support level, which usually signals a bearish trend.
What’s behind this sudden burning? It is difficult to say this considering the limited use of Shiba Inu. But the whales’ increased activity may have something to do with it. They are determined to see their beloved token literally rise from the ashes. Moreover, the market seems to be responding.
The price showed a slight but noticeable recovery. But it’s possible that this is the start of something big. However, investors should not act hastily. The burn rate and subsequent price recovery look promising. But it is no guarantee of long-term success. Shiba Inu still has a long road ahead and many challenges to overcome. However, this latest development has undoubtedly breathed new life into the token and given a glimmer of hope to its holders.