Shiba Inu (SHIB) Burns Skyrocket 795%, Reigniting Market Optimism

Shiba Inu has once again caught the attention of investors despite the volatility of the crypto market. Interestingly, the price of the meme coin rose against the broader market trends, mainly due to a 795% increase in the burn rate.

Shiba Inu price in the last 24 hours recorded a significantrise, and the price of the meme coin rose furtheragainst broader crypto market trends. The main factor behind this rise was the 795% increase observed in the SHIB burn rate. According to Shibburn data, more than 10 million SHIB tokens were burned in the last 24 hours, creating optimism about the future of the coin in the industry. SHIB burning increasesShiba Inu's burning mechanism focuses on reducing the supply of SHIB in the market by permanently destroying tokens. This

decrease in supply can be a bullish factor that can affect market dynamics depending on demand. A total of 410.727 trillion tokens have been burned from the Shiba Inu initial offering (IPO) so far. Among the tokens burned, a significant portion was claimed by the address 0xa9d1e08c…, which destroyed 8.56 million SHIB in a few transactions.Shiba Inu price is rising

According to the latest data, SHIB price is 8.63% It is trading

up at 0.00001811. Coinglass data shows a positive

trend in the market for Shiba Inu futures. Futures open interest (OI) increased by 11.96%

to 37.09 million dollars, while derivative volume increased 0.38% to 166.26 million dollars. This data shows that investor interest in the asset increased, which coincides with the price rise seen today.

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