• 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…

The post Shiba Inu Eyes Price Rebound as Shibacals Collaboration Ignites Burn Frenzy appeared first on Coin Edition.

• 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…

The post Shiba Inu Eyes Price Rebound as Shibacals Collaboration Ignites Burn Frenzy appeared first on Coin Edition.