Shiba Inu (SHIB) Shows 2 Recovery Scenarios as Burn Rate Hits 160% Increase

$SHIB burn rate is on the rise, but there's an additional scenario that might lead to a recovery

Recently, Shiba Inu's burn rate spiked significantly, leading to speculation about the asset's potential recovery. Here, we will discuss two potential recovery scenarios that could play out for SHIB in the coming days.The first scenario is a drop in the local support level. Shiba Inu has been trading within a range of $0.000011 and $0.000013 for some time now.

If the asset breaks below this range and falls to the next support level, which is around $0.000010, this could act as a point of recovery for SHIB. This scenario would indicate a temporary downturn in the market, after which the asset would potentially rebound to previous levels.The second scenario is a rise in the burn rate. The recent increase in the burn rate has led to a reduction in the number of SHIB tokens in circulation.

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