Shiba Inu (SHIB), the second-largest meme coin by market capitalization, appears to be on the cusp of a potential recovery. Recent statistics indicate a significant surge in SHIB’s burn rate, with 26.48 million tokens permanently eliminated from circulation. This development has resulted in a modest price uptick, sparking optimism among investors. Could this signify the beginning of a larger trend for SHIB?
Shib Burn Rate Surged by 827%
According to Shibburn, the Shiba Inu community has incinerated an astounding 26,487,473 SHIB tokens over the last 24 hours, representing a remarkable 827% rise in the burn rate.
This burning initiative is part of a comprehensive strategy by the SHIB community aimed at decreasing the total supply of the token. By eliminating tokens from circulation, the goal is to foster scarcity, which may drive demand higher and strengthen the price in the long run.
While this unexpected burn has caused an immediate effect on SHIB’s price, it has seen a gain of nearly 4%, offering a hopeful sign following weeks of downward trends.
Shib Chart Indicates Buying Opportunity
In the meantime, crypto analyst Ali Martinez has identified an intriguing development for Shiba Inu (SHIB). Utilising a well-known trading tool called the TD Sequential, Martinez observed a “red 9” candle on SHIB’s weekly chart.
#ShibaInu $SHIB may be gearing up for a major rebound, with the TD Sequential flashing a buy signal on the weekly chart! pic.twitter.com/GHQRRm0Fqq
— Ali (@ali_charts) April 21, 2025
This pattern typically suggests that the downward trend could be nearing its conclusion, indicating that SHIB may be on the verge of a price rebound.
Currently, SHIB is trading around $0.00001264, reflecting a slight 3.48% increase in the last 24 hours, with a market capitalization reaching $7.43 billion.
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