The popular meme coin Shiba Inu has experienced a notable increase in burn rate recently. According to ShibBurn data, the meme coin burn rate has increased by 1509% in the last 24 hours. In the last 24 hours, a total of 39 million meme coins have been sent to dead-unused wallets through the joint efforts of the SHIB army. The main purpose behind burning is to reduce the circulating supply and ultimately increase the price. But it seems that these burns do not fully affect the price of the meme coin.
As we mentioned above, the main purpose of “coin burning” is to reduce the supply and ultimately increase the value of the remaining coins. For the Shiba Inu, the recent burn resulted in millions of coins being destroyed, but the overall value remained relatively low.
Despite the large increase in the burn rate, the price of the Shiba Inu has seen modest increases over the past two weeks. Meme coin has gained 5.8% in the past week. This positive performance can be attributed to the broad market recovery, with many cryptocurrencies rising.
While the increased burn rate has caught the attention of investors and traders, the potential impact on the price of the Shiba Inu is disappointing. The value of destroyed tokens is relatively small compared to the overall market value of the token. As a result, the immediate impact on price may be limited.
But the burn rate is just one of the Shiba Inu’s recent developments. SHIB is making headlines for a variety of reasons, including its expanding ecosystem and increased adoption. These factors, combined with the continued market recovery, could contribute to the token’s price performance in the short to medium term.
You can check the price movements here.