SHIB Surges 5.2% as Burn Rate Skyrockets, Reaching New All-Time High

The Shiba Inu (SHIB) token has experienced a significant surge in price over the past 24 hours, reaching a new all-time high of $0.00001444 per coin. This rise is attributed to increased SHIB burn rate as seen in data shared by the popular wallet tracker Shibburn. The amount of SHIB burned within this period amounted to 15,209,808 coins, contributing to a massive 1,868% increase in burn rate over the past day. This surge was fueled by three significant burn transactions totaling 14,481,593 and 708,215 SHIB. Experts attribute this price rise to expanding DeFi applications and increasing institutional interest in the meme coin.