Shiba Inu Burn Rate Exceeds 6000%, Analysts Predict A SHIB Bull Run On The Horizon
Shiba Inu continues to be one of the best memecoins to invest in, and with its burn rate surging 6,000%, it’s attracting even more investors in the ongoing bull market.
Shiba Inu remains one of the top picks in the memecoin market for investors and, with a 38% rise in November, remains only behind Dogecoin among memecoins for market cap with $14.8 billion. One of its appeals is its burn rate, which makes the project deflationary and supports the bullish patterns. This burn rate has gone up 6,000%, making it an ideal time to invest in the memecoin.
Beyond the burning, Shiba Inu has been working towards offering utility, and its Shibarium Layer 2 network is central to this new identity. With Shibarium, Shiba Inu can shake off the tag of “just a memecoin” and offer solutions across DeFi, DEXes, NFTs and more.
As data from Shibarium Scan shows, interest in the network has steadily increased, as reflected by the growth in daily unique active addresses and new addresses over the past year. The network now boasts over 1.9 million wallet addresses, which conduct nearly five million transactions daily.
$SHIB is traded around $0.0000259.