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SHIB Burn Rate Jumps 515.33% — Will Price Follow Suit?
The SHIB burn rate has witnessed a remarkable surge of 515.33%, which is a significant increase from the previous month’s numbers. However, it’s essential to analyze this data in conjunction with the cryptocurrency’s market performance.
According to Shibburn, a website that tracks the burning of Shiba Inu tokens, the recent SHIB burn rate has seen an astonishing rise. To put this into perspective, roughly 400 million SHIB have been transferred to unspendable blockchain addresses every month by the developers themselves, which is an increase from previous months.
Despite this impressive surge in the burn rate, it’s crucial to note that the Shiba Inu price has not seen a similar uptrend. The cryptocurrency has merely tested the $0.00002888 resistance level and then pulled back to its current trading level of $0.00002848.
While some investors may be disappointed by this lack of correlation between the burn rate and price action, others could view it as an opportunity to buy into SHIB at a discounted price.
Source: u.today
