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Shiba Inu (SHIB) sees its burn rate plummet by 94% in 24 hours amid price consolidation after a massive rally. Despite this, the meme coin's adoption soars as Shibarium surpasses 500 million transactions, signaling strong user engagement and potential for a stunning comeback.
Shiba Inu's Price Surge and Recent Consolidation
After a tremendous surge that saw its price reach $0.0000303—its highest point since April—Shiba Inu (SHIB) is now consolidating.
Shiba Inu's burn rate meter and pricing have also dropped significantly. According to data from Shibburn, a staggering 4.2 million SHIB have been burned in just 24 hours, a decrease of 94%.
The Shiba Inu cryptocurrency has just come to light due to the fact that it is measured by multiple measures for its growth performance.
The price of SHIB fell by 11.82% in 24 hours, while the volume of trades fell by 36.66% as well. Shiba Inu has managed to maintain a strong rally throughout the past week and month, despite all of these metrics slumping.
Shibarium Growth Outpaces Burn Rate Decline
Beyond this, as anticipated, Shibarium has a bright future for expansion, having surpassed the 500 million transaction mark. This indicates that the protocol is very popular or widely used, as the number of daily transactions has increased significantly.
Thanks to this quick adoption, the meme coin may have found a solid foundation upon which to stage an incredible recovery. In spite of the current market consolidation, SHIB's price is well-positioned to withstand sell-offs and remain above the $0.000024 level for the foreseeable future.
While Shiba Inu is still a young cryptocurrency compared to giants like Bitcoin and Ethereum, its performance in November was all over the map. Shiba Inu can reverse the bad trend in its token by riding on its 34% rally so far this month.
Investor Sentiment and Whale Activity
According to Open Interest data (via U.Today), investors have been consistently optimistic, and Shiba Inu has defined whale activity. The fact that it's correlated with Bitcoin raises the possibility that it will be beneficial to Bitcoin.
A potential surge in SHIB prices could be triggered if Bitcoin's rebound follows the pattern of its last all-time high.
