The cryptocurrency market is witnessing a remarkable resurgence, with its total market capitalization reaching $3.09 trillion. Amidst this upswing, Shiba Inu (SHIB), a popular meme-inspired cryptocurrency, has been making notable progress.
Shiba Inu has seen a significant increase in its burn rate, a mechanism that involves permanently removing tokens from circulation to reduce supply and potentially increase value. Latest data from Shibburn indicates a staggering 6,223% increase in the SHIB burn rate over the past 24 hours.
This notable activity resulted in 290,321 SHIB tokens being removed from the total circulating supply. The burn rate spike is a critical development as it may contribute to price stabilization and investor interest.
Shiba Inu's progress mirrors the larger trends in the cryptocurrency market, where meme coins and other digital assets are gaining traction amid market rallies.
