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Shiba Inu Burn Rate Sees Major 600% Jump In Only 24 Hours, Will SHIB Price Follow Suit?

Author: Content Editor
On-chain data has shown that the burn rate for Shiba Inu (SHIB) tokens has increased by over 600% in one day, indicating growing interest in reducing the overall supply of the cryptocurrency. The increase in token burns often influences a cryptocurrency's price movements. Shibburn, the official token burn tracker for Shiba Inu, reported a significant increase in burn rate, with over 3.24 million SHIB tokens permanently removed from circulation. The surge in burn rate is attributed to community-led initiatives aimed at reducing supply and increasing scarcity. Despite the decrease in circulating supply, the price of SHIB has not seen significant upward movement and has actually declined recently. However, some analysts believe that the increased token burns, upcoming updates in the Shiba Inu ecosystem, and growing excitement among community members could lead to substantial gains for SHIB in the future. A popular analyst predicts a potential pump for the meme coin, drawing connections between Ethereum's price action and Shiba Inu's, suggesting that if Ethereum sees a price surge, altcoins like SHIB may follow suit.

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