As the cryptocurrency market correction continues, Ethereum-based memecoin Shiba Inu (SHIB) is attracting increasing interest from investors. In the last 24 hours, SHIB's token burn rate increased by over 4000 percent, resulting in 154.99 million tokens being removed from circulation. The community noted that another 312.03 million SHIBs were burned in the last 7 days and this creates an optimistic atmosphere around it.
Token Burn Rate Increased by 4,093 Percent
Shiba Inu's token burn rate has experienced a massive jump, which could cause the circulating supply to decrease, which could potentially cause the token price to remain stable or increase. Despite the negative trend in the price of SHIB, the increase in the burn rate created a positive outlook among investors.
Latest Situation in SHIB
With the increasing token burn rate, the SHIB price increased by 1.14 percent in the last 24 hours. However, according to data in derivative markets, open interest and transaction volume decreased, indicating a decrease in investor interest and market participation.
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