The popular meme cryptocurrency Shiba Inu (SHIB) has seen a significant increase in its token burn rate. Over the past 24 hours, the burn rate spiked by more than 700%, resulting in the incineration of 15.08 million SHIB tokens. This remarkable surge has drawn attention from investors and analysts alike.
On a weekly basis, the burn rate increased by 313%, with a total of 44.20 million SHIB coins destroyed. This substantial reduction in circulating supply is believed to have a potential lasting impact on the market dynamics of SHIB.
Currently, the SHIB price is trading around $0.00001468. Some analysts are optimistic about the future, predicting potential gains of over 30%, pushing the price to the $0.00002 level. This bullish sentiment is based on the reduced supply and increased interest in the cryptocurrency.
