The Shiba Inu (SHIB) token is experiencing a rise in token burning, which could indicate a recovery following recent price drops. The SHIB community is actively working to reduce the overall token supply.
Sharp Increase in SHIB Token Burning
According to Shibburn, the Shiba Inu community has burned 26,487,473 SHIB tokens in the last 24 hours. This represents a significant 827% increase in the burn rate. This activity is part of a broader initiative aimed at reducing the total supply of tokens, which could lead to scarcity and increased demand for the token.
Chart Analysis by Ali Martinez
Crypto analyst Ali Martinez noticed a 'red 9' on SHIB's weekly chart, which is typically a sign that the downtrend could be ending. This may indicate that SHIB is preparing for a price bounce. A buying signal is observed on the chart.
Price Growth Perspectives for SHIB
Currently, SHIB is priced at around $0.00001264, showing a 3.48% increase compared to previous data. The market cap has reached $7.43 billion. This price increase following a week of decline may be a positive sign for investors.
The burning of tokens and chart analysis indicate a potential recovery for SHIB. Investors continue to monitor the market for further price movements.
