The Shiba Inu cryptocurrency is experiencing a notable rise amid the broader market's consolidation. In the last 24 hours, the SHIB price has increased by more than 3%, driven by a 450% surge in the Shiba Inu burn rate. This significant rise in burn rate has resulted in over 2.9 million SHIB coins being moved out of circulation.
The removal of such a substantial number of coins from the market is creating upward price pressure on SHIB. As coins are burned and removed from circulation, the scarcity of the remaining coins increases, which often leads to price appreciation.
The recent developments have fueled speculation and anticipation among investors regarding the potential movement of the SHIB price to $0.0001, spurred by this enhanced burn activity.
This increase in the burn rate and the resultant price rally underscores the dynamics of supply and demand in the cryptocurrency market, reflecting how supply reduction strategies can impact price movements.
