Shiba Inu Burn Rate Takes A Steep Dive: 91% Decrease In 24 Hours
October 18 2023 - 9:00AM
NEWSBTC
Shiba Inu (SHIB) has recently experienced a dramatic decline in its
burn rate. This plunge, amounting to a staggering 90.57%, comes at
a time when the SHIB token is facing a sharp drop in its market
price. Typically, lower token prices present more extensive
opportunities for token burning as it becomes more affordable to
acquire additional SHIB tokens for the purpose of destroying them.
However, it appears that the prevailing negative sentiment in the
market is dampening the burn attempts. Related Reading: XRP On The
Cusp Of Redemption? Unveiling Data-Backed Insights At the time of
writing, the SHIB token is trading at $0.00000692 according to
CoinGecko, marking a 1.9% decline over the past 24 hours. On a more
optimistic note, the token has seen a 1.2% increase in the past
seven days. It’s evident that SHIB is experiencing some turbulence
in its value. SHIB 24-hour price action. Source: Coingecko Shiba
Inu: Path To Revival Yet, Shiba Inu’s burning program is making
waves by bucking the trend. In a surprising turn of events, the
token’s burn rate surged by over 200%, leading to the elimination
of 53 million SHIB tokens and a reduction in its overall supply.
This ambitious initiative is part of a strategic effort to make
SHIB scarcer and, hopefully, more valuable over time. Source:
Shibburn The successful execution of Shiba Inu’s burning program
has been cited as one of the potential catalysts for a future
increase in SHIB token value. The reduction in token supply can
create a sense of scarcity, which often drives demand among
investors. Additionally, Shiba Inu’s innovative layer-2 blockchain
solution, known as Shibarium, is another factor that could fuel a
rally in SHIB’s price. The Rise Of Shibarium Shibarium, Shiba Inu’s
layer-2 blockchain solution, was unveiled to the crypto world at
the end of August, and it has since made significant strides. The
network has achieved several remarkable milestones in the months
following its launch. Shibarium’s potential impact on the future of
Shiba Inu cannot be underestimated, as it opens up new horizons for
this meme-inspired cryptocurrency. SHIB market cap currently at
$4.06 billion. Chart: TradingView.com As Shiba Inu embarks on its
journey to foster innovation and adapt to the evolving crypto
landscape, the development of Shibarium stands out as a beacon of
hope. The network’s rapid progress and achievements are a testament
to the dedication and creativity of the Shiba Inu development team.
Related Reading: Bitcoin SV Climbs 22% – A Close Look At The
Factors Behind The Surge If Shibarium continues to hit milestones
and gain traction, it could become a driving force behind the
resurgence of SHIB’s value, ultimately defying the bearish market
sentiment that currently looms over the crypto world. These factors
could potentially set the stage for a remarkable revival in SHIB’s
value, illustrating the resilience and determination of the Shiba
Inu ecosystem in the face of market challenges. (This site’s
content should not be construed as investment advice. Investing
involves risk. When you invest, your capital is subject to risk).
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