The Shiba Inu (SHIB) cryptocurrency has been experiencing a significant price drop, falling over 10% recently. However, a remarkable surge in token burning has sparked hope for a potential price recovery. According to Shibburn, a platform tracking SHIB token destruction, the burn rate skyrocketed by approximately 12,800% on Tuesday, June 18.

Despite the dramatic increase in token burning, the SHIB price continues to decline. This has led to optimism among traders and investors, as the burning process reduces the overall number of SHIB tokens in circulation, potentially boosting the token's value. In the last 24 hours, the SHIB community collectively burned 12.04 million tokens, with a particular wallet contributing significantly to the surge.

The total number of burned SHIB tokens has now reached an impressive 410.72 trillion. This reduction in supply could drive up the value of the SHIB token if demand remains constant or increases. However, a recovery is not imminent, as the Shiba Inu price lost crucial support levels, leading to a further downturn. The meme coin's price slumped below $0.000019 and is close to dropping below $0.000018.

The crowd sentiment toward Shiba Inu has also dropped, according to Santiment data. Earlier, investors experienced FOMO (Fear of Missing Out) and aggressively entered the market, but as the trend shifted, they have been exiting, affecting large cap altcoins like SHIB and Dogecoin. A whopping 22.81 million long liquidation has been noted for SHIB in the past 24 hours, which could worsen the price crash as investors continue to sell.

In conclusion, while the massive token burn rate has generated optimism among the Shiba Inu community, a price recovery is not guaranteed. The SHIB price needs to regain crucial support levels and experience increased demand to rebound. Until then, the meme coin's value may continue to fluctuate, influenced by market sentiment and sell pressure.