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Shiba Inu Burn Rate Skyrockets 28,145% as SHIB Price Reacts Surprisingly

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Fri, 30/08/2024 - 12:19
Shiba Inu Burn Rate Skyrockets 28,145% as SHIB Price Reacts Surprisingly
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In the last 24 hours, the Shiba Inu (SHIB) burn rate has surged by an astonishing 28,145%, with millions of SHIB sent to dead wallets.

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According to the SHIB burn X handle, in the past 24 hours, a total of 96,434,994 SHIB tokens have been burned in two transactions, representing a 28,145.27% increase.

Shiba Inu prices surged during Thursday's trading session, reaching a high of $0.00001455, coinciding with the SHIB burn rate surge. This demonstrates the market's initial positive reaction to the burn rate increase. However, it was short-lived, as the price slightly retreated. At the time of writing, SHIB is trading at $0.00001411, down 0.42% in the last 24 hours.

The slight retreat suggests that while the burn rate increase was a positive development, the market may be waiting for further catalysts or confirmation of sustained upward momentum. While the burn rate increase seemed to boost SHIB's price, the retreat suggests that other market factors are also at play, influencing SHIB's price action.

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