Shiba Inu (SHIB), a famous meme token which is considered as Dogecoin's main competitor has recently managed to catalyze optimism among crypto market traders and investors especially today, when its burn rate increased by about 2200%. Coming amid less favorable market sentiment, this increase in SHIB's burn rate is seen to be a bullish factor among crypto market players.
Meanwhile, SHIB traded in the green at the time of the correction, although the token also recorded some brief dips in the red territory in the past day. Nevertheless, with a large jump in the burn rate of this meme token, which is also accompanied by a number of bullish factors, SHIB succeeded in driving market optimism today, April 24.
Based on Shibburn data, the Shiba Inu burn rate jumped 2211.89% in the last 24 hours with the burn of 1.84 million tokens. This is generally a bullish factor as SHIB supply decreases.
The Shiba crypto community has so far seen the destruction of 410.726 trillion SHIB, which is mainly driven by this meme burning mechanism.
At the time of writing, Shiba Inu token has gained 0.92% in the last 24 hours and is currently at $0.00002716. The token's 24-hour low and high are $0.00002629 and $0.00002796, respectively, reflecting the side trading period.
