The native cryptocurrency of Shiba Inu, SHIB, has experienced a massive increase of 3,484% in its burn rate over the last 24 hours, in line with the SHIB burns earlier this week. According to data from Shibburn, a total of 537 million coins have been removed from circulation, putting upward pressure on the price of the memecoin.
Additionally, data from Shibburn also shows that in the last 12 hours of writing, the cryptocurrency wallet address …2019a has deposited over 500 million into the burn address.
In addition to the 4% rise in the price of Shiba Inu today, the open interest in SHIB futures also surged more than 4%, reaching 141.85 million dollars, according to data from Coinglass. This demonstrates strong bullish sentiment among traders and widespread market enthusiasm surrounding the meme coin.
Will the increase in Shiba Inu's burn rate lead to a higher price?
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