The Shiba Inu tokens are once again getting a lot of attention in the meme coin community because the Shiba Inu burn rate has gone up by 2,300%. This increase has also caused the price of SHIB to bounce back strongly after it dropped a lot last week because many people were selling to make money.
Shiba Inu Burn Rate Skyrockets by Over 2,300%
According to Shibburn, Shiba Inu’s burn tracker, the burn rate of SHIB surged by more than 2,300% in the last 24 hours. The increase in the burn rate resulted in the burning of 195 million SHIB tokens. This has also helped the meme coin’s price bounce back after dropping by over 18% over the last seven days.
SHIB has experienced a significant uptrend in recent weeks, even reaching the 10th position among the largest crypto tokens by market cap. However, last week, profit-taking by crypto whales interrupted its momentum amid the meme coin’s recent price surge.
The SHIB community is likely thrilled by the recent rise in the burn rate and SHIB’s positive price response. Shytoshi Kusama, Shiba Inu’s lead developer, confidently asserted that the meme coin would lead the current bull market. The consistent recovery of SHIB’s price after each dip can further bolster this assertion.
Is Shibarium Experiencing a Meme Trend?
Lucie’s marketing lead for Shiba Inu suggests a possible increase in meme coins on the Layer-2 Shibarium network. She also mentioned that such tokens as SHIB, LEASH, and BONE have experienced significant growth due to campaigns.
Shibarium might greatly affect SHIB’s price, like Solana’s experience with meme coins and the SOL coin. More meme trading on Shibarium will increase network involvement and lead to the burning of more SHIB tokens. Furthermore, BONE, Shibarium’s utility token, would gain from this trend.
Lucie gave traders a caution not to regard meme coin investments seriously. She also advised against selling off existing cryptocurrency investments to buy trending meme coins and suggested that if anyone wants to buy meme coins with extra money,
As of now, SHIB is trading at $0.00002845, marking a 14% increase in the last 24 hours, according to CoinMarketCap.
