Shiba Inu (SHIB) has experienced a notable price increase today, driven by a significant surge in its token burn rate. Over the past 24 hours, 33 million SHIB tokens have been removed from circulation, marking a 1,550% increase in the burn rate. This reduction in supply has sparked enthusiasm within the Shiba Inu community, as it aligns with the basic economic principle that a decrease in supply can lead to an increase in price. The community is optimistic about the potential for SHIB to reach higher price targets, with some analysts predicting a surge towards $0.000081.
Additionally, Binance's recent announcement to expand trading opportunities for meme coins, including Shiba Inu, has contributed to the positive sentiment. By increasing support for SHIB in the African region, Binance is enhancing the coin's market visibility and accessibility, which could further bolster its price. This move is part of Binance's broader strategy to target emerging markets and provide innovative trading opportunities, potentially leading to increased demand for SHIB.
The current price of Shiba Inu is $0.000024, reflecting a 4.21% increase today. The price has reached a high of $0.000024 and a low of $0.000023.