Shiba Inu, known for its dog-themed meme, is poised for a potential price increase following a significant token burn. In the past week, 49.69 million SHIB tokens were taken out of circulation, according to Shibburn. This strategic move aims to reduce supply and encourage price growth.
The burning mechanism reduces the total supply of coins, potentially increasing the value of the remaining tokens. Observers speculate that this could lead to a price rally for Shiba Inu in the coming weeks.
Additionally, Cutoshi Coin is adopting a similar burning strategy. This trend highlights the growing importance of token burns as a price-supporting mechanism across meme coins in the cryptocurrency market.
