Shiba Inu Burn Rate Soars Amidst Price Drop

Shiba Inu’s token burn rate experienced a significant surge, increasing by over 1500% as 34 million tokens were destroyed in a single day. Despite this positive development, the meme coin’s price remains down over 50% since the beginning of 2024, indicating continued challenges in navigating market volatility. This recent increase in token burns offers a potential boost to SHIB’s scarcity and supply dynamics, but its price continues to reflect wider economic forces and uncertainty. Analysts attribute the recent drop to external factors like U.S. tariff announcements, which impacted both traditional and digital assets.