Shiba Inu Burn Rate Rockets 1100%, SHIB’s Climb To $0.00002 Imminent?

Shiba Inu Price Dip Amidst Market Slump, But Optimism Prevails

The leading dog-themed meme coin, Shiba Inu, has experienced a price decline of over 1% today, mirroring a broader downturn in the cryptocurrency market. The meme coin sector has also witnessed a dip, with Dogecoin and PEPE Coins among those affected.

Shiba Inu Burn Rate Surges

Despite the recent price setback, optimism remains high for SHIB, fueled by a surge in its burn rate. Shibburn reports an impressive 1100% increase in the burn rate within a day. Approximately 19.76 million SHIB tokens were destroyed within the last 24 hours, significantly reducing the overall supply.

Two significant transactions by a single address played a major role in the burn rate spike, accounting for 6.94 million SHIB burned each. Over the past week, the burn rate has increased by 13%, removing over 83.37 million SHIB from circulation.

Potential Price Rally

The increased burn rate is seen as a positive indicator for the SHIB community. By reducing the circulating supply, the burn mechanism can potentially drive up the value of the asset. Historical data suggests that Shiba Inu has often performed well during July, as evidenced by a 11.8% surge in July 2023 and a 13.4% increase in July 2022.