Positive Crypto Market Boosts Shiba Inu Coin Price by 5% as Burn Rate Grows

Shiba Inu, the popular meme coin, has seen its price rise by 5% recently, thanks to a surge in its burn rate and a positive mood in the crypto market. CryptoPotato reported that Shiba Inu’s burn rate, which reduces its circulating supply and increases its scarcity, jumped by over 900% in the last day, destroying more than 33 million SHIB tokens. The coin had already burned more than 76 billion tokens in 2023, setting a new record in December.

Some analysts, such as Twitter user The Coach, are optimistic about SHIB’s future value growth. He said that “upside is the highest probability” for the coin, and suggested that any price drop in the short term could be a good chance to “buy the dip.” Another positive factor for Shiba Inu is the bullish sentiment of the crypto market in general. Bitcoin (BTC) briefly crossed the $47K mark for the first time since spring 2022, and many experts predict that a spot BTC ETF in the US could push the price even higher.

Shiba Inu’s layer-2 blockchain solution, Shibarium, is also worth noting. The network, which aims to make Shiba Inu faster and cheaper than its memecoin competitors, has achieved many milestones in the past few months. The most recent one is that Shibarium has processed more than 250 million transactions, and is approaching 1.5 million wallet addresses.