The Shiba Inu coin experienced a notable increase in its burn rate, soaring by 4500% on Thursday. This significant rise in the burn rate led to more than 50 million SHIB coins being removed from circulation, impacting the market dynamics.
Such a substantial reduction in the circulating supply of the Shiba Inu coin demonstrates the potential for increased value, as a dwindling supply often leads to an upward pressure on prices. Market participants are closely monitoring this development.
With the burn rate spiking and the supply decreasing, the possibility of a bullish trend for the Shiba Inu coin is on the horizon. The meme coin’s performance over the intraday period also reflected this strong market sentiment.
