Shiba Inu, one of the most prominent meme coins functioning atop the Ethereum blockchain, once again curated a tidal wave of speculations across the border crypto market on Friday, as the token’s burn rate surged over 600%, nabbing significant attention globally. As per on-chain insights unveiled by the burn tracker Shibburn, the Shiba crypto community jotted down the incineration of a staggering 115.76 million SHIB over the past 24 hours, propelling market optimism for the cryptocurrency.

Meanwhile, the meme coin’s market charts also noted a prompt uptick following the surge in the SHIB burn rate, mirroring the community’s effort to jack up the token’s tokenomics.