Shiba Inu Coin (SHIB) price rebounds, burn rate soars 781%, price surges 16%!
Shiba Inu (SHIB) has experienced a remarkable recovery recently, with both its cash burn rate and market capitalization rising significantly.
Shiba Inu's cash burn rate has surged a staggering 781% over the past day, in line with the trend of significant price increases. The price of Shiba Inu rose by as much as 16% the day before, showing strong growth momentum. According to the latest data, SHIB has continued this upward trend, rising 11% in the past 24 hours.
This price increase has energized the Shiba Inu community and attracted widespread attention from the market, highlighting the potential for further growth of the token.
In addition, the recent positive sentiment in the Shiba Inu community may also contribute to an increase in burn rate and price.
Token burning is accomplished by sending tokens to an inaccessible "dead" address. This mechanism reduces the number of tokens available on the market, thereby increasing the scarcity of the token and theoretically driving the price upward. The Koyo project has helped reduce the supply of 875 million SHIB tokens through multiple burn operations since its inception.
