The “Secret Sauce” Behind Shiba Inu’s Recent 60% Rally

• Shiba Inu’s price surged 60% over the past four weeks.
• A spiking token burn rate is behind Shiba Inu’s increasing demand.
• The ongoing Shibburn reinforces a pattern that started with Vitalik Buterin in 2021.

WallStreetBets founder Jamie Rogozinski has attributed the recent surge in SHIB’s price to the Shiba Inu team’s relentless token burn campaign. 

According to Rogozinski, the leading memecoin project has reinforced the idea that scarcity can boost demand after the latest burn exercise propelled SHIB’s price to a seven-week high.

From FOMO to a “burn baby burn” mania

Rogozinski believes that the Shiba Inu token burn exercise highlights the potential of deflationary tokenomics. According to him, the event transforms the more common Fear of Missing Out (FOMO) into a “burn baby burn” mania, highlighting how the crypto community reacts to massive token burns.

The WallStreetBets founder noted that news of a supply reduction tends to drive demand for an asset. He cited SHIB’…

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