news 
SHIB Burn Rate Jumps 515.33% — Will Price Follow Suit?
In a surprising turn of events, the burn rate for Shiba Inu (SHIB) has seen a massive surge, with an increase of 515.33%. This sudden rise in the cryptocurrency’s burn rate is likely to raise questions about whether this development will have any impact on the SHIB price.
As previously reported by U.Today, the SHIB developer team claims that they transfer roughly 400,000,000 Shiba Inu to unspendable blockchain addresses every month. This has led many analysts and investors to speculate about the potential implications of such a significant increase in the burn rate on the cryptocurrency’s price.
The SHIB/USD pair is currently trading at $0.00002848 after experiencing a brief bounce to test the $0.00002888 resistance level, but it eventually pulled back. Despite this recent decline, the coin has still managed a 17% upward movement since Dec. 10.
Despite the cryptocurrency’s price not yet reflecting the burn rate increase, many experts believe that such a large and sudden jump in the burning of SHIB could potentially have an impact on its value.
Source: u.today
