Amid the Shiba Inu price rally, the SHIB burn rate drops by 60%.
As of today, November 11, Shiba Inu, an altcoin based on Ethereum, is seeing a price increase, which indicates that the coin is once again gaining considerable traction in the cryptocurrency industry.
After then, as of this writing, the Shiba Inu burn rate had a significant decline and attracted the attention of cryptocurrency fans worldwide.
The Shiba Inu cryptocurrency shown a positive sentiment in broader markets after the community's recent attempts to increase support for the token.
Shiba Inu Price Examination
At the time of writing, the SHIB price witnessed a surge of 8.55% over the past twenty-four hours, reaching $0.000009052. Moreover, the weekly price experienced a substantial surge of 15.12%, with the overall trading volume increasing by 23%, reaching 347 million as of today.
The aforementioned price surge seems to come in alignment with the recent burning of colossal amounts of SHIB tokens, resulting in a significant reduction in the amount of tokens supplied. Notably, over the past seven days, 361.81 million tokens were burnt from its supply.
Moreover, according to recent data offered by ShibariumScan, a tool for inspecting EVM-based blockchains, the Shiba Inu Layer 2 network, Shibarium, saw a notable decrease in its activity. The number of blocks created on the network decreased by 38% as of writing. Nonetheless, as the SHIB price continues to soar, crypto market enthusiasts are eyeing the token.
