Despite the large fluctuations in the crypto market, Shiba Inu has once again caught the attention of investors.
Interestingly, the price of the meme coin has risen, defying broader market trends, mainly due to a 795% increase in the burning rate.
Data from Shibburn reveals that over 10 million SHIB tokens were burned in the past day, which is generating optimism for the coin’s future within the wider industry.
The burning mechanism of Shiba Inu focuses on reducing the market supply of SHIB by destroying tokens. This reduction in supply may be a driving factor influencing market dynamics in accordance with the laws of supply and demand.
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The total number of tokens removed from the initial offering of Shiba Inu now amounts to 410.727 trillion.
It is worth noting that the address 0xa9d1e08c… is responsible for a significant portion of the burning, destroying 8.56 million SHIB through multiple transactions.
The price of Shiba Inu is rising
At the time of writing, the price of SHIB has increased by 8.63%, trading at a level of 0.00001811.
Data from Coinglass shows an upward trend in the market for Shiba Inu, with its open interest (OI) increasing by 11.96% to $37.09 million, and derivative volume rising by 0.38% to $166.26 million. These data suggest growing investor interest in the asset, coinciding with today’s price increase.
