SHIB burn rate increases by 10,000%: What’s the Reason?

Shiba Inu (SHIB) burn volume has recently reached a new milestone. In no time it increased by a massive 10,000%. Today’s spike in burn rate was one of the largest daily increases in the past 30 days.

Why is the SHIB burn rate increasing?

One of the possible reasons for the increase in burn rate is SHIB’s recent price increase. The memecoin has performed well since the beginning of the year and its value has increased by more than 70%, making it one of the most profitable crypto coins in the market right now.

The growing need for the SHIB, along with the upcoming launch of Shibarium, seems likely to have contributed to the increase in the burn rate.

SHIB burn rate transactions
Shiba burn rate – Source: Shibburn

By the way, the increase in burn rate could also be due to a general increase in network activity. More transactions, transfers and other activities have been observed on the SHIB network, which may have led to more token burns.

Although the token has already shown a beautiful price increase this year, several analysts say that SHIB still has the potential to rise further. In addition, the increase in the burn rate seems to be indicative of the growing interest in the coin. With its rising popularity, along with its strong performance and increasing network activity, it looks like SHIB has a bright future ahead of it.

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