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Shiba Inu (SHIB) has been the talk of the crypto town lately, but not for reasons you might expect. While many were busy writing off SHIB as another meme coin destined for oblivion, the token pulled a fast one. In the last 24 hours, Shiba Inu's burn rate skyrocketed by a staggering 1,000%. The price is showing signs of a mild recovery too.
Shiba Inu had recently slipped below a crucial trendline support level, which had many traders biting their nails. A fall below this line usually signals a bearish trend, and for a moment, it looked like SHIB was going down that road.
The price of Shiba Inu has seen a mild recovery alongside this burn rate hike. As of the latest data, Shiba Inu is priced at $0.0000073, marking a 0.44% increase. This might seem like a modest rise, but in the volatile world of cryptocurrency, it is a step in a positive direction. Especially, since Shiba Inu recently fell below a local trendline support level, which often signals a bearish trend.
What is behind this sudden burn? Considering the lack of use cases for Shiba Inu, it might be hard to say; however, the increased activity of whales might have something to do with it. They are committed to seeing their beloved token rise from the ashes, quite literally. And the market seems to be responding. The price has shown a mild but noticeable recovery, which could be the start of something big.
But investors should not get ahead of themselves. While the burn rate and the subsequent price recovery are promising signs, they are not a guarantee of long-term success. Shiba Inu still has a long way to go and many challenges to overcome. However, this recent development has undoubtedly breathed new life into the token and given its holders a glimmer of hope.