Shiba Inu Burn Rate Surges 500%, Sparks Market Optimism

The post Shiba Inu Burn Rate Surges 500%, Sparks Market Optimism appeared first on Coinpedia Fintech News

According to Shibburn, the burn rate of Shiba Inu has surged by more than 500% today, inducing optimism about potential price movements. Despite this hike, SHIB traded in the red. The meme coin, often referred to as the “Dogecoin killer,” witnessed a significant decline in supply with the burning of 9.83 million tokens, especially from two addresses. Hence, market optimism is strengthened by the drastic reduction in supply, as traders and investors are expecting improved tokenomics and a possible price rally for SHIB.