The burn rate of 677% looks impressive, but in reality, it only burned away less than $6—just the community patting themselves on the back.

CryptoWorld News reports that Shiba Inu has recorded strong burning activity in the past 24 hours, with 12,760,000 SHIB tokens burned and the burn rate surging by 677.42%. This activity suggests a strong Shiba Inu network; the circulating supply has decreased by more than 12,000,000 SHIB, which may create conditions for potential future price increases. Despite the bullish signal from the burning activity, SHIB is still falling and is currently trading at approximately $0.000004720, down more than 2% over the past day. Analysts are optimistic about SHIB’s potential recovery, believing that strong network activity could help ease downward pressure.