Shiba Inu coin, often known as the Dogecoin rival, saw a remarkable 4000% spike in its burn rate, offering hope for a potential upturn in SHIB's value and boosting market confidence.

Amidst the recent turbulence in the cryptocurrency space, Shiba Inu, an Ethereum-based meme token, attracted significant attention on April 3. A substantial surge in SHIB's burn rate in the past 24 hours, reaching almost 4000%, has captured optimism about a potential price surge for the token.

Despite SHIB trading in the negative zone today, dropping to $0.000026, the striking increase in the token's burn rate has sparked excitement across the cryptocurrency sphere, leading to speculations about a potentially strengthened SHIB price movement in the near future.

The surge in the burn rate is a result of approximately 154.99 million SHIB being burnt in the last 24 hours, as reflected by Shibburn's data. Over the past week, the community witnessed the burning of an impressive 312.03 million SHIB, bolstering positive sentiments surrounding the token.

While SHIB has experienced a decline to $0.000026, the rise in the burn rate has instilled hope as the token's supply diminishes in the market. This reduction in supply acts as a support for SHIB's value and its overall tokenomics, offering a silver lining amidst the price dip.

On the trading front, SHIB has seen a minor 0.24% drop in price over the past 24 hours and is currently valued at $0.00002689. Despite the decline in open interest by 1.55% and a drop of 11.96% in derivatives volume, recent market activity suggests a subdued interest in the token.

As Shiba Inu continues to reduce its circulating supply within the broader cryptocurrency market, enthusiasts anticipate a scenario where increased purchasing pressure could lead to a positive price movement for SHIB. However, sustained supply pressure from the wider market might result in a reevaluation of SHIB's value, potentially testing the 61.8% FIB level at $0.00002368, as outlined by CoinGape Media's analysis.