Shiba Inu has recorded a significant increase in its token burn rates, capturing the community's attention with recent developments. Over the past week, SHIB's burn rate surged by 244%, resulting in the removal of 389.5 million tokens from circulation.
Despite this sharp rise in burn rate, the price of Shiba Inu has remained stable, showing little movement over the last 24 hours. The asset has only experienced a minor recovery in line with the broader market trends.
These developments raise questions about the potential direction of SHIB's price and whether the increased burn rate will translate into upward momentum for the cryptocurrency.
