Shiba Inu (SHIB) has experienced a significant increase in its burn rate over the past day, hinting at a positive future for the second-largest meme coin by market cap. This rise in the burn rate could potentially drive a SHIB price rally towards its all-time high of $0.00008. Data reveals a 7,911% spike in the burn rate, with 281.9 million SHIB tokens burned in 24 hours, mainly due to a single transaction sending 277.5 million tokens to a dead wallet. The total tokens burned in the last week amount to 312.3 million, marking a 1731% weekly increase. The correlation between SHIB price rallies and Bitcoin's performance is evident, as heightened SHIB transactions coincide with bullish Bitcoin trends. Despite low activity on the Shibarium layer-2 network, a resurgence in adoption could lead to higher burn rates. Currently, SHIB is trading at $0.000018, showing a 2% increase in the last day. Read more AI-generated news on: https://app.chaingpt.org/news

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