Shiba Inu Barking Heat, Burning Rate Jumps 3,000%!

<p>"Will the price of SHIB go up if the burning rate goes up?"</p><p><br /></p><p>Although the market capitalization saw a significant decline, the Shiba Inu (SHIB) memecoin burn rate surged over 3,000% while whale transactions reached a three-month high.</p><p><br /></p><p>It is well known that the burning rate has destroyed 472 million SHIB in the past 24 hours alone, where there are wallet addresses that have burned more than 22 million SHIB.</p><p><br /></p><p>There is no denying that a burn event has occurred, but SHIB's current price of $0.0000075 is well below the all-time high of $0.000088 on October 28, 2021.</p><p><br /></p><p><br /></p><p>While SHIB's market capitalization experienced a slight decrease of 2.00% worth $4 billion compared to before.</p><p><br /></p><p>Through observation, the burning has had a profound effect on the price and market capitalization of SHIB as the memecoin slowly gained the attention of traders after making an increase of more than 8% last weekend.</p><p><br /></p><p>So here it can be seen that the market capitalization is shrinking, but there are several other indicators that can encourage the growth of the SHIB ecosystem, among them the increase in whale transactions and the circulation of the memecoin token.</p><p><br /></p><p>Last week, SHIB lead developer Shytoshi Kusama announcing the release of Shibarium and Worldpaper in August 2023 caused Bone ShibaSwap (BONE) to jump over 35.49% last week.</p><p><br /></p><p>Shibarium which is a highly anticipated project associated with SHIB will see a burning mechanism never seen before that will potentially burn trillions of SHIB tokens.</p>