Shiba Inu (SHIB) cryptocurrency has witnessed a significant price rise of 3% within a 24-hour period. This notable increase can be attributed to a drastic spike in the burn rate by 450%.
As a result of this burn rate surge, approximately 2.9 million SHIB tokens have been removed from circulation, contributing to the price jump.
Such market movements highlight the potentially profound impact of token burning on cryptocurrency valuations in stable market conditions.
