Shiba Inu and other meme coins have recently seen a big increase in how many coins are being burned, which means they are taken out of circulation. Over the last day, the amount of Shiba Inu coins burned has gone up by more than 900%. This has gotten a lot of people interested in what’s happening with the coin.

Despite Shiba Inu's prices dropping by 20% in the past month, the increase in the rate of burning has brought some optimism to the market. In the last 24 hours, 45.16 million Shiba Inu tokens have been burned, showing that people are still confident in the coin.

The reason for burning so many coins is to reduce the number of Shiba Inu coins available in the market. There are still a lot of Shiba Inu coins out there, even after burning over 410 trillion of them since the coin started. But the hope is that by burning more, it will help the price of the coin go up.

Even though the price of Shiba Inu has dropped a bit in the last day, people are still hopeful that burning more coins will make the price go up in the future. Right now, one Shiba Inu token is trading at $0.00002449. The market cap of Shiba Inu has also gone down to $14.4 billion, but it's still the 11th most valuable cryptocurrency.

Despite the recent drop in price, people are still trading Shiba Inu quite a bit. The trading volume has gone down in the last day, but it's still one of the most traded cryptocurrencies. So, even though the price has dropped a bit, people are still interested in Shiba Inu and hopeful for its future.