Shiba Inu (SHIB), a prominent Ethereum-based cryptocurrency, witnessed a substantial rally, bolstering the interest of crypto enthusiasts worldwide. The nearly 10% surge in price on Monday has been attributed to a wave of market optimism, coinciding with a significant burn surge revealed by Shibburn, the meme coin’s burn tracker.
The recent rally of meme coins can be attributed to various factors. Firstly, the growing market sentiment and excitement surrounding meme coins have attracted investors seeking high-risk, high-reward opportunities.
Additionally, the influence of social media platforms, viral marketing, and endorsements from celebrities and influencers have played a significant role in driving up the prices of meme coins.
Shiba Inu Burn Surge Analysis
According to Shibburn’s data, the burn rate for Shiba Inu skyrocketed by a staggering 2,367% over the past 24 hours, resulting in the destruction of a whopping 186 million coins.
This surge in burning activity ha
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