Shiba Inu (SHIB), a major memecoin, is currently in a bearish phase despite an impressive increase in its burn rate. This refers to the process of permanently removing coins from circulation, which can sometimes impact the coin’s value positively.
On December 8, SHIB reached a noteworthy peak of $0.00003343, marking a nine-month high. This surge caught the attention of investors who were hopeful for potential gains. However, the excitement was short-lived as the altcoin experienced a rapid price reversal, indicating ongoing volatility.
