Shiba Inu Token’s Surge in Burn Rate Sparks Positive Market Sentiment – BitRss

The sudden increase in the burn rate of the Shiba Inu token has generated positive expectations among market participants. In the last 24 hours, the burn rate of the token surged by approximately 2000%, resulting in the permanent removal of around 14 million tokens from circulation. This development is considered a significant step towards reducing the total supply of the token.

Token Burn Data

Daily data indicates that 14.27 million tokens were burned in the past 24 hours. On a weekly basis, approximately 58.28 million tokens have been reported as removed from circulation. Monthly, a total of 98.85 million tokens have been destroyed, suggesting a gradual contraction of supply; however, considering the vast supply, we should observe regular trillion-token burns rather than just million-token ones.

Expert Opinions and Price Expectations

In line with market data, expert investors express optimism regarding the future of the token.

Javon Marks: “A significant inverse head and shoulders pattern is forming on the chart. The completion of the last shoulder could support expectations for an increase.”

Data at the time of writing indicate that the token’s price ho…