Shiba Inu price increase by 7% as SHIB burn rate rise 225%

According to Gate.io news, the price of the meme token, Shiba Inu, has risen by 7% in the last 24 hours as a result of many SHIB tokens burned.

Shiba Inu's burn rate increased by 224.69 percent over the course of the previous 24 hours as a total of 45,440,894 SHIB meme tokens were delivered to dead wallets, therefore, reducing its total supply. Through the law of demand and supply, when SHIB tokens become more scarce through burning, the value and price goes up.

With a market valuation of $5.17B as of right now, the price of $SHIB is currently trading around $0.00000883767 (SHIB / USDT). The daily trading volume is $264.15M dollars.