The broader crypto market has witnessed a massive surge in the Shiba Inu burn rate, with the metric skyrocketing by 2,296% in just one day. This remarkable surge reflects the community’s desire to decrease the overall supply of Shiba Inu and possibly induce a price increase. With Shiba Inu showing signs of a strong revival, this could spark a new bullish phase for the popular meme coin.
Shiba Inu Burn Rate Skyrockets
The Shiba Inu burn mechanism is vital to its deflationary strategy, which aims to trigger token scarcity by permanently removing SHIB tokens from circulation. According to new data from the Shibburn, a burn portal specifically for the SHIB ecosystem, burn rates have increased by a whopping 2,050.95% in the last 24 hours.