The Shiba Inu (SHIB) community is experiencing a substantial increase in the burn rate of SHIB meme coins, with a 685% surge over the past week. This spike has led to 399,586,110 SHIB being removed from circulation, despite a 63% decline in daily burns.
The weekly burn rate surge has fueled speculation about a potential price increase, with crypto analyst Ali Martinez suggesting SHIB could rise by 35% from its current price of $0.00002076.
However, the 24-hour price analysis shows strong bearish momentum, according to the Williams Alligator indicator and the Relative Strength Index (RSI).
This burn rate increase is significant as it could indicate a strategic effort to reduce supply and boost SHIB’s value, reflecting the community’s active participation.
