Shiba Inu Burn Rate Skyrockets 16600%, What's Next For SHIB Price?

The Shiba Inu (SHIB) meme coin, known for its canine mascot, has recently captured significant attention in the crypto market due to a massive increase in its token burn rate. According to Shibburn, a platform that tracks the incineration of SHIB tokens, the burn rate saw a remarkable surge of nearly 16,600% on Tuesday, June 4. However, this surge comes amid a decline in SHIB price, offering hopes of a potential rebound.