Nearly 800% increase in Shiba Inu token burn rate

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. The data of Shibburn reveal that over 10 million SHIB tokens have been burned in the past day, sparking optimism for the future of the coin within the wider industry.

SHIB burn boosts market optimism

The combustion mechanism Shiba Inu focuses on reducing the market supply of SHIB through token destruction. This reduction in supply can be a bullish factor that affects market dynamics in accordance with the laws of supply and demand.

The total number of tokens removed from the Shiba Inu IPO now stands at 410,727 trillion.

Notably, the address 0xa9d1e08c… was responsible for a significant portion of the burn, destroying 8.56 million SHIB over several transactions.

The price of Shiba Inu is going up

At the time of writing, SHIB is up 8.63%, trading at 0,00001811.

The data from Coinglass show an uptrend in the market for Shiba Inu, with its futures open interest (OI) increasing 11.96% to $37.09 million and derivatives volume rising 0.38% to $166.26 million. These data suggest growing investor interest in the asset, which coincides with today's price increase.