Shiba Inu Eyes Price Rebound as Shibacals Collaboration Ignites Burn Frenzy
- Shiba Inu burn rate rose 1,611 as 17.65 million tokens were wiped off from circulation.
- SHIB burning would send the prices sky-high when the bull run arrives, said an analyst.
- Shiba Inu is also working on “something special” which would burn SHIB.
Shiba Inu (SHIB), the second-largest meme coin by market capitalization, has fallen below the $0.000017 price level, despite a recent surge in token burning aimed at boosting its value.
This decline comes amid a broader downturn in the crypto market, raising questions about the effectiveness of SHIB’s deflationary measures. The meme coin is down by around 1.62% after the market fell under the claws of bears.
Shibburn data reveals that the burn rate of Shiba Inu (SHIB) tokens surged 1,611% in the past 24 hours, with 17.65 million SHIB tokens burned. To date, a total of 410 trillion SHIB tokens have been removed from the total supply of 999 trillion.
Source: Shibburn
The burning of tokens reduces the circulating supply, which can potentially lead to price appreciation over time. Shiba Inu enthusiast Lola, on X (formerly Twitter), noted that the meme token’s price action needs to consolidate until the…
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