‘Dogecoin Killer’ Shiba Inu ‘Burn Rate Skyrockets 6,223%: What Is Going On?

Shiba Inu (CRYPTO: SHIB) experienced a weekend price correction erasing the gains from the previous week, but rising burn rates and bullish chart signals suggest an impending rally for the meme coin.

What Happened: After burning 290,321 tokens, Shiba Inu’s burn rate soared 6,223.7% in the past 24 hours according to Shibburn. Over the past week, the ecosystem has burned 130 million SHIB tokens.

Shibarium’s marketing lead, Lucie, highlighted contributors’ efforts, noting that the ecosystem has burned around $1.5 worth of SHIB over the past year. She also believes that if there were more 10 contributors the burn rates would be much higher.

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