Shiba Inu’s Burn Rate Surge Sparks Price Rise Speculations: What’s Happening?

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Shiba Inu has seen a rise in burn rate amid extremely pressured trading that has continued for more than a month. Market participants are now wondering if the price will recover after a demand-supply equation changes post the crypto burn.

Shiba Inu Sees Higher Burn Rate

Shiba Inu (SHIB) has been in the news due to a notable rise in burn rate. On Wednesday, July 3, the Shiba Inu (SHIB) coin burn rate increased by around thirty thousand percent. Despite this, the price still kept trading in red showing discrepancies with the news.

At the press time, SHIB is trading at $0.00001633, down 5.07% according to data from CoinMarketCap.

The SHIB community is eager and keeps interacting with the token’s ecosystem despite the volatility. Shiba Inu’s higher burn rate is indicative of a rising trend in which supply is being reduced with the possibility of increasing value. The market dynamics of a token can be greatly impacted by burn rates, which is why investors are closely following these changes.

The term “crypto burn” describes a deflationary procedure whereby cryptocurrency tokens are taken out of circulation forever. This is an attempt to raise demand and raise market value by reducing the overall supply of a digital asset.

Why Is SHIB Falling?

Known as the “Dogecoin killer,” Shiba Inu (SHIB) has encountered several difficulties along the way, such as regulatory scrutiny, market instability, and rivalry with other meme coins since the beginning of 2024. SHIB’s enthusiastic community and meme-inspired branding helped it become well-known at first, but in the face of growing doubt and uncertainty, the platform has been unable to maintain its momentum. As a result, SHIB’s price has been battling to reclaim lost ground throughout a protracted slump.

According to current technical indicators, the Fear & Greed Index for SHIB is currently reading 50 (Neutral), indicating a bearish market. Over the previous 30 days, Shiba Inu had 12/30 (40%) green days and 14.62% price volatility. Data and analyst comments show that there is an overall bearish feeling for Shiba Inu price prediction, with 6 technical analysis indicators indicating bullish signs and 24 indicating bearish indications.

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