Despite the largest part of the cryptocurrency market retracing the gains triggered by the spot Bitcoin (BTC) exchange-traded fund (ETF) fake news, some signs, particularly a massive burn rate increase, indicate that Shiba Inu (SHIB) could turn upward.
As it happens, the burn rate of Shiba Inu cryptocurrency has skyrocketed 419.94% in the last 24 hours, removing nearly 40 million SHIB from its total supply in a single day, according to the information retrieved from Shibburn on October 18.
SHIB burn rate in last 24 hours. Source: Shibburn
Considering that the Shiba Inu team had introduced the burning mechanism for SHIB with the goal of increasing its scarcity and value, such a massive increase in burn rate is a bullish sign for the 19th-largest crypto asset by market capitalization.
SHIB price analysis
Meanwhile, Shiba Inu was at press time changing hands at the price of $0.0000068786, which represents a daily decline of 2.3%, no change on the weekly chart, and a loss of 6.54% across t
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