Shiba Inu has seen a significant increase in its token burn rate, though price movements have yet to meet investor expectations.
Sharp Increase in Burn Rate
According to Shibburn, Shiba Inu's daily burn rate increased by 2225%, resulting in the permanent removal of 14.58 million tokens. Over the past week, a total of 50.06 million SHIB tokens were burned.
Prices Remain Stable
While SHIB's price fell by 2% over the last 24 hours to $0.00002386, investor sentiment remains optimistic. Day-to-day price fluctuations ranged from $0.00002311 to $0.00002478, and a 30% price increase over the past month boosts optimism.
Investor Optimism
Shiba Inu maintains strong positioning in the meme coin market. Over the past month, it has increased by 90-169% along with DOGE and PEPE. Analysts believe the reduction in supply will support price increases.
The significant increase in Shiba Inu's burn rate could signal a parabolic rise for the token. Investors are hopeful that the balance of supply and demand will positively impact SHIB's price.
