Shiba Inu Burn Rate Surges 585%, But Price Recovery Remains Uncertain

The Shiba Inu price surged after reports of a significant jump in token burns. The burn rate rose by approximately 585% over 24 hours, with around 15 million tokens destroyed, worth roughly $89.

This increase does not necessarily indicate lasting supply pressure, as it is still a tiny fraction of the total circulating SHIB, which stands at 585 trillion.

The SHIB price rose to $0.00000603, gaining 3.18% in 24 hours and extending its weekly recovery by 7.54%. Traders are watching whether this trend will continue, with a possible target of $0.00000650 if the price breaks above $0.00000620.