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Shiba Inu Burn Rate Skyrockets by 7,400%: What This Means for Investors

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Shiba Inu Coin Burn Rate Surge

In a significant development for the cryptocurrency market, the burn rate of Shiba Inu (SHIB) tokens has experienced a dramatic surge. Over the past week, the burn rate has increased by an astounding 7,400%, with nearly 2 billion SHIB tokens being destroyed.

This massive burn event was highlighted by a single transaction that burned 1,003,266,585 SHIB tokens, contributing to the overall spike in the burn rate. The burn rate surge has been so pronounced that it has led to a 2,296% increase in just one day.

The increased burn rate has had a positive impact on the price of SHIB. In the last 24 hours, the value of Shiba Inu has jumped by 11%, outperforming its rival Dogecoin during the same period. This price increase has broken a weekly downtrend and has renewed optimism among investors.

The destruction of such a large number of tokens is seen as a bullish sign by many investors, as it reduces the circulating supply of SHIB and can potentially drive up the price. With this surge, there is renewed speculation that SHIB could hit the $0.0004 target, a milestone that has been discussed among the cryptocurrency community).

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