Shiba Inu Burn Spikes 2300% Amid Market Corrections, SHIB Price Recovery Looms?

In a bid to boost optimism amid the recently witnessed crypto market corrections, Shiba Inu, a renowned Ethereum-based meme coin, recorded a colossal surge in its burn rate, stemming from its community’s actions. Following the Shiba crypto community’s recent transfer of nearly 100 million SHIB tokens to a dead wallet, a prompt rise in the meme coin’s burn rate added a tint of optimistic sentiments to Shiba Inu.

SHIB’s burn rate surge came as a pivotal move today, as the meme coin’s price dipped to the $0.000026 mark, resulting from the abovementioned market corrections. Mirroring the broader downtrend that came in tandem with BTC’s slip to $66K, Shiba Inu piqued significant investor attention, with its on-chain dynamics pushing SHIB to a bearish stage today.

Shiba Inu Community Burns 105 Mln SHIB

According to the insights streamlined by Shibburn, the Shiba crypto community shifted a whopping 105.46 million SHIB to a dead wallet today, giving rise to the 2307.19% upswing. This measure added an optimistic dash to Shiba Inu, as the meme coin’s community showcased efforts to prevent SHIB from taking a drastic fall amid the recently witnessed market corrections.

As mentioned above, Shiba Inu already dipped as low as the $0.000026 mark today. However, the abovementioned effort by the community further aims to cushion Shiba Inu’s fall by shredding the token’s supply. This sparked considerable investor enthusiasm as the community continued its burning endeavors in order to jack up SHIB’s tokenomics.

However, on-chain metrics and technical indicators shrouded the token in mixed market sentiments.

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Shiba Inu Price Slips

The Shiba Inu token noted a massive 9.77% drop as of writing, reaching $0.000026. This drop by the meme token comes subsequent to a consolidation phase witnessed over the past few days, illustrating a bearish win over the token.

On-chain data spotlighted by Coinglass revealed substantial SHIB liquidations over the past 24 hours, aligning with SHIB’s aforestated plunge.

The technical indicators for Shiba Inu further showcased a selling sentiment prevailing within the market, with the RSI hovering at 46. This hinted that although the current momentum appears bearish, the asset’s overall condition is neither overbought nor oversold, signaling a neutral market sentiment.

Collectively, this showcased short-term volatility for the token as a bullish or bearish trend may emerge in the long term. Meanwhile, aligning with the law of supply and demand, if Shiba Inu’s burning endeavors continue to burgeon, a bolstered price action remains imminent as supply continuously takes hits.

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