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SHIB Burn Rate Jumps 515.33% — Will Price Follow Suit?
The Shiba Inu community has been eagerly awaiting the next burn event from the developers, and it seems like their patience has finally paid off. According to recent data, the SHIB team has managed to increase its burn rate by a whopping 515.33% over the past few months.
This substantial surge in the burn rate is indeed eye-catching, but what does this mean for the cryptocurrency’s price? So far, it seems like the market hasn’t reacted accordingly, as SHIB’s value is trading at $0.00002848, with a roughly 4% gain since December 10th.
However, we can’t ignore the fact that the Shiba Inu team has been consistently transferring around 400 million tokens to unspendable blockchain addresses each month. This means that these coins will never be taken off-chain again and are essentially burned forever. As a result, this should have an impact on the overall circulating supply and potentially affect the token’s price dynamics.
While we don’t yet know exactly how this increased burn rate will influence SHIB’s value, it is undeniable that the team’s continuous efforts to remove tokens from circulation might ultimately lead to an upward trajectory for the asset.
Source: u.today
