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Shiba Inu’s burn rate is rising by %900, is it good news?

Shiba Inu has not had the greatest time as the token's value has been falling quickly over the past five months. A great deal of the issue was related to a decrease in its burning volume, which has been assisting in the market recovery of SHIB. Fortunately, things are finally getting better for SHIB.

Shiba Inu’s burn rate is rising by %900, is it good news?
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Shibburn claims that there has been a significant increase in the network's burn rate. The most current data indicates that SHIB had one of the largest burn surges in recent weeks, with a staggering 910% burn spike during the last 24 hours.

🟧See also: Shiba Inu’s price

rising the enormous percentage in Shiba's burning volume had no comparable impact on its price. The 21-day moving average-reflecting local resistance level is constantly broken by Shiba Inu.

The significant withdrawal of capital from the cryptocurrency market and the complete abandonment of retail portfolios throughout the whole are the reasons for the poor price performance of SHIB. Since the start of this year, traders and investors have been selling their holdings quickly, and high-risk assets like Shiba Inu were among the first options to be eliminated from their investments.  

Meanwhile, nearly 5.6 trillion worth of SHIB, have traveled between the addresses of whales in two significant transactions a few days ago.

🟧Want to exchange Shiba to USDT instantly? Visit: Exchange Shiba to USDT and vice versa

Data from WhaleStats shows that  the average SHIB balance has climbed by 1.43% during the past few days. This might indicate an increase of millions of SHIB given the quantity owned by this type of addresses.

The bulls could try to turn things around for Shiba with a last-minute end-of-the-year rally, but SHIB needs to gain about 80% over the following 19 days. SHIB was up 1.5% at $0.00000932 at the time of writing. Additionally, SHIB continues to have a 66% correlation with Bitcoin, thus monitoring the overall market movement may assist forecast SHIB's future course of action.

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