Memecoins
Shiba Inu burn rate increases by 500%, sparking optimism in the market
According to Shibburn, the Shiba Inu burning rate increased by more than 500% today, prompting optimism about potential price movements. Despite this increase, SHIB was trading in the red. The meme coin, often referred to as the “Dogecoin killer,” saw a significant drop in supply with the burning of 9.83 million tokens, notably from two addresses. Therefore, market optimism is strengthened by the drastic reduction in supply, as traders and investors expect an improvement in tokenomics and a possible price rise for SHIB.