"SHIB Surges: 567% Burn Rate Boosts Price 24% in 24 Hours"

Shiba Inu (SHIB), the popular meme coin, has witnessed a remarkable surge in its burn rate, with a 567.83% increase over the past 24 hours. This significant uptick coincides with a broader market recovery and renewed investor interest in the meme coin sector.

Data from the tracking platform Shibburn reveals that 4.61 million SHIB tokens were permanently removed from circulation on February 4. These tokens were sent to a null address, making their retrieval impossible and effectively reducing the total supply forever. The latest burn contributes to an ongoing trend of supply reduction, with nearly 1 billion coins removed in the previous month alone. The current circulating supply has decreased to 589.25 trillion tokens, marking a steady decline in available SHIB tokens.

The price impact of these burns has been notable, with SHIB experiencing a 24% increase on Tuesday. This recovery comes after a period of decline where the token had lost approximately 30% of its value, dropping from $0.000022 in January to $0.000016 in early February.

Adding to the bullish momentum, a large wallet holder, commonly known as a “whale” in crypto terminology, has acquired SHIB tokens worth $444,000 during the current rally. This substantial purchase suggests growing confidence among larger investors in the token’s potential.

The broader cryptocurrency market has shown strong recovery signals, with Bitcoin maintaining its position around the $100,000 mark. This stability in the leading cryptocurrency has historically provided support for alternative coins, including SHIB.

Trading data shows SHIB reaching an intraday high of $0.00001691, with a low of $0.00001358. The token’s current trading price of $0.00001560 represents an 11% increase over the previous day’s values.

Market analysts have provided an optimistic outlook for SHIB’s short-term performance. Their technical analysis suggests the possibility of a 104% price increase this week, with a potential target of $0.00003344.

The token’s trading volume has seen substantial growth, particularly in large transactions. This increase