In the midst of a wider cryptocurrency market recovery, the burn rate of Shiba Inu (CRYPTO: SHIB) has seen a dramatic increase of 580%.
What Happened: A significant rise in the burn rate and price of the Shiba Inu token, despite a decrease in volume. Data from blockchain tracking firm Shibburn indicates a 580.28% increase in SHIB’s burn rate over the last day.
This surge coincides with a 4.27% increase in the overall crypto market capitalization. SHIB’s price has also followed this upward trend, rising by 5.89% during the same period.
The SHIB team reportedly burned 16,607,692 SHIB in the last 24 hours, a 590.19% increase from the previous day. This token burning strategy is designed to reduce the circulating supply and …Full story available on Benzinga.com
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