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The Shiba Inu (SHIB) community is buzzing with excitement as the token’s burn rate skyrockets by an astonishing 7,700%. This surge has sparked widespread speculation: Could SHIB be on the verge of reaching the highly anticipated $0.10 milestone?

Unprecedented Surge in SHIB’s Burn Rate

The burn rate of SHIB, reported by Shibburn, has witnessed a remarkable increase. Within just 24 hours, 266,727,310 SHIB tokens were sent to “dead wallets” through 21 transactions. This trend is not just a one-day wonder; over the past week, an astounding 544,958,383 SHIB tokens have been burned in 284 transactions. This aggressive reduction in SHIB’s circulating supply is a strategic move by the community to boost the token’s value.

Shiba Inu’s Price Dynamics: A Bullish Trend

Shiba Inu’s price has been displaying bullish signs amidst this burning spree. The token reached a two-month high of $0.00000825 on October 26, indicating a strong market recovery. Despite a brief dip, SHIB’s price quickly rebounded and is currently standing at $0.00000807, up 3.29% in the last 24 hours and 15.40% over the past week.

Since hitting a low of $0.0000066 on October 19, SHIB has mostly been in positive territory, surpassing the crucial daily MA 50 barrier of $0.00000726, which has been a significant resistance level since August.

The Road Ahead for SHIB: Breaking New Ground

For SHIB to sustain its upward trajectory, it is crucial to break the daily MA 200 barrier at $0.00000823. Overcoming this hurdle could potentially lead to a rally towards the $0.00001134 level, marking a new phase in SHIB’s growth.

Excitement Builds with Upcoming SHIB Developments

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Adding to the excitement, the official Shiba Inu X account has teased a “good surprise” for the community, hinting at a significant development in the blockchain space. Along with a $5,000 SHIB giveaway, this announcement has significantly raised expectations among SHIB enthusiasts.

Shib Army, brace for a seismic shift in the blockchain world! 🚀🚨 Attention, Shib Army! We all love a good surprise, and yours is on the horizon – the very first step to unlock your unique Shib identity is just 72 hours away!⏳🎁 Plus, here’s your ticket to the $5,000 SHIB…

Conclusion: SHIB’s Potential for Growth

The combination of a dramatic increase in the burn rate and positive price movements places Shiba Inu at a pivotal point. The community’s anticipation for the upcoming SHIB identity reveal and other surprises highlights the token’s potential for significant advancements in the cryptocurrency world. As the community eagerly watches, the question on everyone’s mind is: Will SHIB reach the elusive $0.10 mark soon?



### News source: cryptoticker.io

By Team