The Shiba Inu ($SHIB) token experienced a significant burn rate increase of 2225%, drawing attention to meme coins in the crypto market. As a part of the burn process, tokens are destroyed to reduce the overall supply. This strategy is employed to create scarcity, which can potentially increase the token's market value.
Shiba Inu currently holds a substantial market cap of $14.75 billion, despite its vast supply exceeding half a quadrillion tokens. The increased burn rate marks a noteworthy effort to improve token scarcity amidst growing interest in meme coins.
Alongside this, a new cat-themed meme coin has emerged, catching analysts' interest. This phenomenon indicates the ongoing influence and allure of meme coins in the cryptocurrency space, underscoring their dynamic role in market trends.
