The meme coin's burn rate has experienced a massive upswing, doubling in just 24 hours. This recent surge has come on the heels of a successful price breakout that has invigorated the SHIB community.
Only a few days ago, SHIB demonstrated an upward price trend after successfully breaking out of an ascending triangle pattern. This bullish pattern hinted at a substantial rise in the coin's value, and the prediction came to fruition. The surge in volatility that followed the breakout proved to be a catalyst for the ongoing momentum that SHIB is currently experiencing. Now, this growing momentum has also influenced the SHIB burn rate, which refers to the intentional removal of tokens from circulation. The practice of "burning" aims to reduce the total supply of tokens on the market, creating a scarcity effect that can, in theory, drive the price up. In the last 24 hours, the SHIB burn rate has hit an impressive 100% increase.