SHIB News: Surge in SHIB Burn Rate Signals Potential Price Movement

SHIB Burn Rate Surges to Over 1,300%

The Shiba Inu ecosystem saw an impressive increase in token burns, incinerating nearly 31 million SHIB in just 24 hours. This growth raised the daily burn rate over 1,300%. In total, 30,156,987 SHIB were burned yesterday, surpassing the 142,062,714 SHIB removed over the past week. Community projects like Shib Torch also helped, reporting a total of 547,791,530 SHIB burned, a 14.92% increase from the prior week.

DOJ Begins Investigation Into Javier Milei Over LIBRA Scandal (SHIB Mentioned in Context)

Argentine President Javier Milei is under investigation by the U.S. Department of Justice (DOJ) over a scandal involving the LIBRA project. Although the news primarily focuses on Milei, it is mentioned in the context of broader cryptocurrency developments, including Shiba Inu (SHIB), which was not directly involved in the scandal but is relevant due to its status as a popular cryptocurrency.

Shiba Inu’s 4137.17% Burn Rate Sparks Bullish Reversal Talk

Shiba Inu [SHIB] has garnered significant attention due to its remarkable 24-hour burn rate of 4137.17%. This substantial increase in tokens burned could reduce supply and potentially drive up the price. At press time, SHIB was trading at $0.00001471, reflecting a 2.82% increase over the last 24 hours. The community is eager to see how the burn efforts will impact the long-term price trend, amidst bearish on-chain signals and exchange metrics indicating a lack of buying interest.

Shiba Inu Price Prediction and Current Market Status

The Shiba Inu (SHIB) market had a difficult time in February, dropping by 28%. The meme coin dipped from a high of $0.00001964 to a low of $0.0000123. Over the past 24 hours, SHIB dropped by 10.51% and was trading at $0.00001320 at the time of writing. Despite its current condition, the community remains positive about a potential uptick. SHIB is currently 85% below its all-time high of $0.00008845 recorded in 2021.