SHIB Burn Rate Soars 1,000% Overnight, What Is The Price Reaction?

<p>&nbsp;"Hey, when do you think the price of SHIB is going to go up again?"</p><p><br /></p><p>A large amount of Shiba Inu (SHIB) being removed from its total circulating supply has caused the second largest memecoin to see a significant climb of 947% in the last 24 hours.</p><p><br /></p><p>Through data released by Shibburn, the total number of SHIBs sent to wallets no one can access is over 164 million while the latest burning rate has increased by almost 1,000% compared to yesterday's figure.</p><p><br /></p><p>The team behind SHIB has adopted a burning program in an effort to reduce the circulating supply of tokens, thus potentially making the memecoin more scarce and valuable in the future.</p><p><br /></p><p><br /></p><p>There is no denying that SHIB's burn rate has experienced a huge spike, but the price of the memecoin has unfortunately remained flat for the past two weeks.</p><p><br /></p><p>However, analysts and pundits view SHIB's price as likely to rebound once Shibarium sees mass adoption and adoption.</p><p><br /></p><p>It is well known that famous companies such as Swiss luxury watchmaker Tag Heuer have used SHIB as a payment method while Texas residents are allowed to pay their solar panel bills in various digital assets including memecoin.</p><p><br /></p><p>Shibarium's layer-2 scaling solution has also gone through several stages of development, where not long ago, the memecoin managed to pass three million milestones in total transactions.</p><p><br /></p><p>As of this writing, SHIB's price has risen by 2.26% to $0.000007 in the last 24 hours with a market capitalization of $4 billion and has recorded an increase of 1.52% over the past week.</p>