Image by KNFind from Pixabay 

Following recent advancements highlighted in CNF’s previous report, Shibarium has processed over 417 million transactions and surpassed 1.8 million unique wallet addresses. The report pointed out that the Shiba Inu burn rate skyrocketed by 310%, with potential for SHIB price recovery. These figures highlight the expanding use and adoption of Shibarium in the crypto ecosystem.

In the latest crypto news, the Shiba Inu (SHIB) token burn rate increased by an astonishing 16,600%, with over 21 million SHIB coins incinerated. This significant burn was driven by a single wallet address and multiple community transactions, reducing the total SHIB supply.

However, as shown in today’s CNF update on YouTube, despite the recent price decline, this burn could potentially lead to a price rebound by diminishing supply.

Can It Propel SHIB Price to a New All-Time High?

According to today’s Coin Market updates, the Shiba Inu (SHIB) community has sparked excitement with a massive token burn of over 21.5 million coins, reducing its circulating supply. This 16,593% surge in the burn rate has injected optimism into the market.

Amidst the recent price decline, a wallet address initiated a major incineration of SHIB tokens worth $21 million. This move could contribute to a rebound, potentially increasing the value of SHIB.

However, derivative data tells a different story. Coinglass reports a 13.95% decrease in open interest in Shiba Inu futures, indicating reduced interest from derivative traders. Additionally, while long liquidations have increased, the absence of significant short liquidations points to potential further declines due to ongoing sales.

At the time of writing, SHIB is trading at $0.00002378, with a decrease of 5.00% in the past day and 4.46% in the past week, as shown in the price chart below.

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