"The price of SHIB has been near the bottom for a long time, hopefully it will go up."
Immediately after doing so in a big way, the Shiba Inu (SHIB) burn rate jumped nearly 1,500% in the past 24 hours as the community took advantage of the memecoin season to increase the number of users holding the digital asset.
Although 2.9 billion SHIB were burned by its community this week, its price still did not show any significant increase as other memecoins managed to record the highest trading volume.
Even so, most investors are confident that SHIB's price has the potential to bounce back in the near future following the 231 million memecoins burned in eight transactions.
It is well known that most of the burning was contributed by two wallets, where the dominant SHIB wallet burned 200 million memecoins while the other 16 million and the circulating supply is now reduced at 574.86 trillion but still high.
While Shibburn, which will launch a website in June 2023 to increase the burning rate, also allows users to earn memecoins through affiliate programs and the Web3 advertising system.
Lead developer Shytoshi Kusama and the Shibarium telegram group administrator were found to be aiming to launch the Shibarium mainnet in August 2023.
For the record, SHIB's movement was continuously flat when its price slipped more than 15% this May while investors flocked to buy other memecoins such as PEPE that were gaining popularity.
As of this writing, SHIB price plunged by 0.20% to $0.0000087 in the last 24 hours with a market capitalization of $5 billion but still recorded a gain of 2.33% over the last week.
