In the last 24 hours, the Shiba Inu burn rate has surged by 5545%, with the community burning over 61 million tokens. This increase is part of a broader trend in the meme coin market, which has grown by 4.1% overall. This demonstrates the active participation of the Shiba Inu community in token management.
Alongside this impressive burn rate increase, Shiba Inu, the second-largest meme coin by market capitalization, has seen a 3.2% rise in its own market value. This is seen as a positive momentum for the coin as it continues to gain traction among investors and traders in the crypto space.
The significant rise in burn rate highlights the strong community involvement in efforts to control the supply and potentially enhance the token's value. Such activities are a distinct feature of meme coins like Shiba Inu, where community engagement often plays a crucial role in the token's ecosystem.
