Krutika Adani
Shiba Inu's burn rate has spiked again, with a 300 million token burn. The burn rate had increased by 3750% compared to the last day.
Before that, Shiba Inu’s burn rate dropped to 1 million token burns per day.
High transaction levels and a bullish memecoin market have contributed to Shiba Inu’s high burn rate.
The Shiba Inu community cheers at high burn rates, as more token burns help appreciate the token value. A high burn rate also lifts user sentiments.
Shiba Inu’s lead developer, Shytoshi Kusama, said that a 99% burn rate was not impossible.