Shiba Inu New Record: The popular dog-faced meme coin Shiba Inu (SHIB/$SHIB) has reached a new record. This is all possible owing to its burning volume that reached a hike of 10,000% in just 24 hours. However, the burn rate hike of SHIB tokens today is considered one of the biggest day-to-day increases in the past 30 days.
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One of the major reasons for the heightened burning volume of the meme coin is the latest price performance of Shiba Inu (SHIB). The crypto asset has been experiencing a great performance on the crypto market since the start of this year. To date, it has gained over 70% of its value. This helped it to become one of the strongest-performing cryptocurrency assets in the market. The increased demand for SHIB alongside its increase in popularity has probably contributed to its burning rate. Thus, Shiba Inu new record was established.
That said, there is another reason for this heightened Shiba Inu burn rate helping in Shiba Inu new record creation. This is the overall rise in network activity. Shiba Inu experiences a growing number of transactions, transfers as well as several other activities on the network. This might have contributed to the high coin burning rate. This raised level of activity could also point to the growing popularity of the meme currency as well as the adoption of the cryptocurrency besides its underlying technology.
SHIB may still move higher despite the most recent reversal from the top, and its rising burn rate may be an indicator of escalating interest and support for the asset. A promising future for the meme currency may be indicated by the asset’s rising popularity, strong performance, and high level of network activity.
SHIB is down about 1% in value as of the time of publication and is trading at $0.000014, which may be a result of the brief correction that most traders anticipated following the spike in volatility.
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