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SHIB Burn Rate Jumps 515.33% — Will Price Follow Suit?
In a recent development, the burn rate of Shiba Inu (SHIB) has experienced a massive surge of 515.33%. This dramatic increase in token burning has led to speculations about whether the SHIB price will follow suit and experience a similar rise.
As per Shibburn, a website that tracks SHIB transactions, over 400 million Shiba Inu tokens have been transferred to unspendable blockchain addresses every month, making up roughly 30% of the total supply. This significant increase in token burning is a crucial factor in determining the coin’s value and potential price movements.
The community has been observing this trend closely, with many expecting the burn rate to have a positive impact on the token’s price. However, despite the impressive growth in SHIB’s burn rate, the cryptocurrency’s price has not yet followed suit, only experiencing a roughly 4% surge before pulling back and trading at $0.00002848.
Despite this discrepancy, some believe that the increased burning could still have a significant impact on SHIB’s market capitalization and overall value. The burn rate increase could potentially lead to reduced supply in the long run, which may cause the token’s price to rise due to increased demand.
The SHIB developer team itself claims that they also transfer roughly 400,000,000 Shiba Inu tokens to unspendable blockchain addresses every month.
Source: u.today
