Shiba Inu (SHIB) has seen its burn rate increase by 800%, causing the removal of two billion SHIB coins from circulation. This sudden rise in the burn rate has sparked curiosity among the cryptocurrency ecosystem and curiosity.
The value of SHIB has dropped by 22.3% in the last seven days, almost erasing all gains made in the last month. The increased burning rate has increased the curiosity of the ecosystem.
The increased burn rate could be due to community-led efforts to decrease the amount of SHIB in circulation. This could lead to increased scarcity, and thus increase the token’s value.
However, it is important to take into consideration other market variables when assessing the effects of burning tokens on SHIB’s price. There has also been a decrease in whale activities on SHIB networks, from a peak of 120 large transactions to only 20 now. This could lead to a more decentralized distribution of SHIB tokens, but it could also indicate a lack of confidence in the market, leading to price instability.
It is clear that the Shiba Inu community is committed to the success of the meme coin, demonstrated by their proactive approach to burning tokens. The Shibarium launch failure and the ETH bridge problem that followed were setbacks, but the community’s proactive approach to burning tokens shows that they are determined to restore confidence in the token.