The burn rate of the Dog-themed cryptocurrency Shiba Inu (SHIB) has surged by 1,014% in the last 24 hours, leading to millions of SHIB tokens being destroyed. This has created scarcity and renewed optimism within the SHIB community, aiming to drive up the token's value over time. Despite the increased burn rate, SHIB's price has only seen modest movement so far. The Shiba Inu community continues its efforts to establish SHIB as a serious contender in the crypto space. The cryptocurrency market has turned positive following a U.S. executive order promoting crypto and AI innovation, while data suggests the possibility of a reconsideration of December rate estimates by the Fed. SHIB is currently trading in a tight range, with a potential major move on the horizon depending on its ability to break above daily moving averages.



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