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SHIB Burn Rate Jumps 515.33% — Will Price Follow Suit?
The burn rate of the prominent meme cryptocurrency, Shiba Inu (SHIB), has seen a significant increase, sparking interest among investors and traders alike. The SHIB developer team itself claims that they transfer roughly 400,000,000 Shiba Inu to unspendable blockchain addresses every month.
Despite this, it is essential to note that the burn rate does not necessarily translate to the price of the asset. The cryptocurrency’s value is influenced by a multitude of factors, including market sentiments and trading volume.
SHIB price performance
While the burn rate of the prominent meme cryptocurrency has shown a big increase, the price has so far failed to follow in its footsteps. SHIB has displayed a roughly 4% surge, testing the $0.00002888 resistance level, but then it pulled back and is changing hands at $0.00002848 at the time of writing this article.
Source: u.today
