Shiba Inu is making waves after wrapping up an astounding 1,000% increase in its burn rate, Shibburn data shows. This has occurred simultaneously with a nearly 7% increase in the value of the meme coin. Market observers are investigating what this may potentially mean for the future of SHIB, especially in light of the increased confidence in the cryptocurrency sector. Related Reading: Injective (INJ) Down 20% As Market Retracement Forces Sell-Off Over 6 Million SHIB Incinerated The Shiba Inu community’s increasing dedication to lower the token supply reflects in the latest burn rate. Shibburn statistics show that during just the past 24 hours, almost 6.54 million SHIB tokens were burned. Usually, this kind of supply-chain cut indicates a positive trend. Such supply cuts sometimes point to a bullish trend. The people in the SHIB community seem to rally for this cause, hoping to juice up the price of the token. It is a good moment to buy altcoins now before the next big rise, according to analyst Alan Santana, who recently pointed out that the market is approaching its final ac ..
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