Shiba Inu surges by over 62% as burn rate increased by over 22,000% in just 24 hours

Shiba Inu (SHIB) meme coin has seen a huge spike in price and burn rate, resulting in a devoted group known as the Shiba Army.

The jump is linked to over 22,432% increase in the burn rate over 24 hours, which sent 14 billion SHIB tokens to a “dead wallet,” essentially removing them from circulation.

Furthermore, this drop in supply is seen as a trigger for long-term price rise, following the economic concept of scarcity driving demand.

However, seasoned crypto veterans remain wary owing to the short period and volatility of the cryptocurrency industry. The quick price gain might indicate a bubble about to burst, resulting in a harsh correction.

The term “meme coin” bears a certain connotation, since meme coins are more speculative and subject to huge price fluctuations than established cryptocurrencies.

Despite criticism, the Shiba Inu community, sometimes known as the “Shiba Army,” continues to pulse with unyielding excitement, actively contributing to the upsurge.