Shiba Inu has experienced a notable increase in daily token burns, with the burn rate more than doubling in the past day as investors actively reduce the supply of the meme coin. This surge, which coincides with a recovery from weekend price lows, indicates renewed positive sentiment in the market.

According to data from Shibburn, a Shiba Inu burn tracking website, a total of 19.6 million tokens were burned in the last 24 hours, marking a 101% increase compared to the previous day's burns. These burns were conducted across 11 transactions, with the largest transaction sending 8.5 million tokens to the dead wallet. Another wallet contributed significantly with burns totaling over 11.5 million tokens across multiple transactions, representing more than half of the tokens burned.

Despite the daily increase, the weekly burn rate has fallen short of the previous week's figures. Shibburn reports that 96.97 million tokens were burned over the past 7 days, indicating a 48.34% decline compared to the previous week.

Crypto analyst Zach Humphries has suggested that Shiba Inu could potentially achieve a market cap as high as $100 billion, compared to its current $10 billion market cap. This hypothetical increase would represent a 1,000% rise, potentially pushing its price to $0.00017, a new all-time high for the coin. Currently, Shiba Inu is trading at $0.000017, having experienced a 4.5% decline over the past week, and has slipped to become the 12th-largest cryptocurrency by market cap, trailing behind Tron’s TRX.