Meme Coin's Burn Rate Skyrockets by 1677%: How Did the Price React?

Shiba Inu burn rate has increased by 1677% in the last 24 hours, resulting in more than 131 million tokens burned. One transaction in particular removed more than 123 million tokens from circulation, making a significant contribution to the burn rate.

Despite the increase in the burn rate, the price of Shiba Inu has declined, falling by 3.2% in the last 24 hours. However, the token is up over 11% on the 14-day charts and over 25% month-over-month.

The cryptocurrency market has recorded a correction over the past 24 hours. Bitcoin (BTC) is down 1% on the daily charts, while Ethereum (ETH) is down 0.7% over the same timeframe. Solana (SOL) is down over 4%, while Avalanche (AVAX) is down over 6% in the same time frame.

SHIB price has faced challenges for most of 2023. Since January, the token has only risen by about 28%. Meme coins, in general, have lagged behind expectations this year. SHIB's main competitor, Dogecoin, is up just over 32% in the same time frame. Other altcoins, on the other hand, drew attention by performing better. Solana (SOL), for example, has risen by over 1000% since January 2023.

However, things have the potential to change very soon for the popular meme coin. If the cryptocurrency market enters another bull run next year, Shiba Inu could record a meteoric rise in price.

As Koinfinans.com reported, the development team is working on several new initiatives for the SHIB ecosystem. The initiative will focus on increasing burns and driving greater adoption. The project also launched its layer-2 network earlier this year. While the launch SHIB may not immediately raise its price, it could lead to more applications on the network.

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