Shiba Inu has recently experienced a remarkable 1,000% surge in its burn rate, coupled with an almost 7% increase in its market value. This dramatic rise has caught the attention of market observers who are exploring its implications for SHIB's future, especially given the growing confidence in the cryptocurrency sector.
The Shiba Inu community is committed to reducing the token supply, with over 6.54 million SHIB tokens burned in just the past 24 hours, according to Shibburn statistics. Such supply-chain cuts often indicate a bullish trend and have rallied the community in hopes of boosting SHIB's price.
Analyst Alan Santana suggests that the altcoin market is nearing its last accumulation phase for 2024, making it a strategic time to buy at lower prices before the anticipated surge in 2025. In the past week alone, nearly 26.63 million SHIB tokens have been burned, fueling optimism among investors.
Despite ongoing market challenges, including geopolitical issues, the SHIB community remains optimistic about exceeding expectations in the near term. The community's active engagement is reflected in trading volumes around $784 million over a 24-hour period, despite a 1.40% dip in SHIB's current price.
