Despite competition from another meme coin called PEPE, the Shiba Inu (SHIB) token still has a strong and committed community. In the past 24 hours, the SHIB community has increased the burn rate of SHIB tokens by over 1500%, with a single wallet burning 246.7 million tokens. This wallet belongs to the CultPunks team, who have committed to burning SHIB tokens with a portion of their raised funds. Despite the increase in burn rate, the SHIB token price continues to struggle and is currently trading at $0.00000996, down 12.8% over the past two weeks.
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SHIB Burn Rate Surges by 1500% as CultPunks Wallet Burns 246.7M Tokens
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