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SHIB Burns Skyrocket 319,571% — What’s Happening?
After printing a more than 22% recovery last week, the price of Shiba Inu (SHIB), the second biggest meme coin in terms of market capitalization size, has been moving sideways in a slightly descending trajectory. The token is currently trading at $0.00002738 after a minor 2% increase today.
The recent price action is particularly noteworthy as it breaks away from the typical correlation between SHIB and Bitcoin (BTC). Usually, when BTC hits new highs, SHIB follows suit, but this time around, the meme coin has not been able to capitalize on the bullish momentum of its leading cryptocurrency counterpart.
Despite losing the correlation with Bitcoin, SHIB continues to burn tokens at an unprecedented rate. According to recent data, the token burns have skyrocketed by a whopping 319,571% in just a short period.
What could be driving these extraordinary token burns?
Source: u.today
