Shiba Inu's SHIB token has seen a massive increase in its burn rate, with over 9. 61 million tokens destroyed in just one day. This surge in burning has caught the attention of traders and investors, who are now wondering if this could lead to a significant price increase.

The burn rate has gone up by a staggering 3, 464. 7%, which is a huge jump. This means that a lot of SHIB tokens are being taken out of circulation, which could potentially make the remaining tokens more valuable.

Traders are keeping a close eye on this development. Some, like Javon Marks, have noticed a bullish divergence, which is a signal that often precedes a sharp price increase. Marks believes that the price could rally by more than 156%, reaching around $0. 000032. However, it's important to note that these are just predictions and not guaranteed outcomes.

Another trader, Wyckoff Insider, has pointed out that SHIB's daily candle closed within the volume profile range, which is traditionally seen as a bullish formation. He has confirmed a long setup, but has also placed a stop-loss just below the Last Point of Support (LPS) to manage risk.

Despite the positive signs, there are also some concerns. IntoTheBlock data shows that the large transaction volume for Shiba Inu narrowed by 28. 1% in a single day. This could indicate that fewer large investors are making big moves with SHIB. However, daily active addresses inched up by 0. 97%, which is a positive sign.

In other news, Shiba Inu has announced elections to form its first president and DAO Council. This is a big step towards decentralizing the management of its token and governance structure. It's an interesting move that could have significant implications for the future of Shiba Inu.


    # **Shiba Inu's SHIB Token Experiences Surge in Burn Rate**

    **Massive Increase in Burn Rate**
    - **Over 9.61 million tokens destroyed in one day**
    - **Burn rate up by 3,464.7%**

    ## **Potential Impact on Token Value**
    - **Reduction in circulating supply**
    - **Potential increase in token value**

    ## **Trader Sentiment and Predictions**
    - **Javon Marks observes bullish divergence**
      - **Predicts a rally of more than 156%**
      - **Potential price target: $0.000032**
    - **Wyckoff Insider notes bullish formation**
      - **Confirms long setup with stop-loss below LPS**

    ## **Concerns and Mixed Signals**
    - **Large transaction volume narrowed by 28.1%**
    - **Daily active addresses up by 0.97%**

    ## **Shiba Inu Announces Elections**
    - **First president and DAO Council to be elected**
    - **Step towards decentralized management and governance**

    

Shiba Inu's Big Burn: What's Cooking?

Potential Impact on Token Value

Trader Sentiment and Predictions

Concerns and Mixed Signals

Shiba Inu Announces Elections

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