Shiba Inu In a remarkable development for the (SHIB) community, more than 24 million SHIB tokens were burned in the last 24 hours. This indicates a significant increase in the burn rate of the meme coin. According to data from the Shibburn platform, there was a staggering 241.86% increase in burn rate during this short period of time. Token burn is a process where a certain amount of a coin is deliberately removed from circulation by sending it to an inaccessible wallet and is often considered a bullish indicator in the crypto space.
The logic behind token burns is that this process meme coinby making it more deflationary, potentially increasing its value and promoting a healthier ecosystem for the relevant digital asset.
Will the Shiba Inu Price Recover?
The increase in SHIB token burns has led to speculation within the community regarding its potential impact on price. Currently, meme coin is trading at $0.00002268 and has experienced a marginal decline of 0.25% in the last 24 hours. But a broader trend reveals a more worrying picture; SHIB has experienced a significant decline of 19.82% in the last 30 days, which is indicative of the prevailing downward trend.
Despite the recent increase in token burn activities, questions remain as to whether this development will be enough to reverse the downward trajectory of the SHIB price. While token burns can certainly give a coin bullish momentum, their impact is often influenced by numerous factors such as market sentiment, investor confidence, and broader industry trends.
As a result, all eyes continue to be on the Shiba Inu as the community monitors developments closely. The SHIB army is waiting to see whether a significant burn rate increase for the meme coin will translate into tangible price gains or whether additional catalysts will be required to drive the current bearish trend.
