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SHIB Burn Rate Jumps 515.33% — Will Price Follow Suit?
The developer team behind Shiba Inu (SHIB) has recently announced a significant increase in the burn rate of their token, with a staggering 515.33% jump. This development comes as a surprise to many, given that the market is currently experiencing high levels of uncertainty and volatility.
As reported by Shibburn, a website that tracks SHIB transactions, around 400 million Shiba Inu were transferred to unspendable blockchain addresses every month. This means that roughly $11.2 million worth of the cryptocurrency will be removed from circulation each month.
While this news may seem like a positive development for the project and its investors, it remains to be seen whether the market will respond positively or negatively to these developments.
The SHIB price performance has been somewhat mixed recently, with the token testing the $0.00002888 resistance level before pulling back and currently trading at $0.00002848.
Despite the recent increase in burn rate, it is essential for investors to remember that there are no guarantees when it comes to market movements.
Source: u.today
