Shiba Inu, Dogecoin’s main rival and another popular memecoin, has seen a significant surge in recent days. The primary driver behind this rally is the burn rate, which spiked by an impressive 640%, with approximately 1 million SHIB tokens burned in a single transaction, according to data from Shibburn. In total, the Shiba Inu ecosystem has removed 5.56 million SHIB tokens from circulation over the past 24 hours.
For those unfamiliar, coin burning is the process of permanently removing cryptocurrency tokens from circulation by sending them to an inaccessible wallet address. The goal is to reduce the supply of tokens, which, in turn, can increase the value of the remaining coins.
Currently, Shiba Inu is trading at $0.00001837, reflecting a 27% increase over the past week.
