Shiba Inu Burn Rate Jumps 10,845%, Here’s Possible Impact on SHIB Price
The post Shiba Inu Burn Rate Jumps 10,845%, Here’s Possible Impact on SHIB Price appeared on BitcoinEthereumNews.com. The Shiba Inu (SHIB) ecosystem has again triggered its deflationary mechanism with the burn rate skyrocketing by over 10,800% in the last 24 hours. According to Shibburn data, a total of 9,551,523 SHIB have been sent to wallets that are no longer active. This figure represents an 10,845% increase in the burn rate within this period. The massive spike in the volume of SHIB tokens removed from circulation signals the community’s efforts to push for price recovery. Notably, the SHIB burn serves as the ecosystem’s deflationary mechanism for supply control, designed to drive up the value of the memecoin. By reducing the circulating supply, the ecosystem aims to create scarcity and drive demand, resulting in a price increase. With the recent massive burn, the circulating supply currently stands at 589,249,765,968,242 SHIB. Out of this, the circulating supply is pegged at 584,556,551,143,300 SHIB, with the remaining SHIB staked. SHIB Burn Chart | Source: Shibburn Given that scarcity remains critical to driving up the price of any product, the idea of removing such volume from circulation is to see if SHIB’s value would rebound. While the amount incinerated is small considering the circulating volume, the community consistently engages in such exercise to regulate supply and price. Over time, this could have a significant impact that might become impossible to overlook. That is, when the SHIB burn rate significantly reduces the total supply. SHIB Technical Indicators Flash Early Bullish Signals Interestingly, following the burn exercise, the price of Shiba Inu in the crypto market has witnessed an uptick from its previous levels. As of press time, SHIB was exchanging at $0.00001186, which represented a 3.66% increase in the last 24 hours. The dog-themed memecoin had climbed from a low of $0.00001135 to its current peak price, likely due to the burn mechanism that…
The post Shiba Inu Burn Rate Jumps 10,845%, Here’s Possible Impact on SHIB Price appeared on BitcoinEthereumNews.com.
The Shiba Inu (SHIB) ecosystem has again triggered its deflationary mechanism with the burn rate skyrocketing by over 10,800% in the last 24 hours. According to Shibburn data, a total of 9,551,523 SHIB have been sent to wallets that are no longer active. This figure represents an 10,845% increase in the burn rate within this period. The massive spike in the volume of SHIB tokens removed from circulation signals the community’s efforts to push for price recovery. Notably, the SHIB burn serves as the ecosystem’s deflationary mechanism for supply control, designed to drive up the value of the memecoin. By reducing the circulating supply, the ecosystem aims to create scarcity and drive demand, resulting in a price increase. With the recent massive burn, the circulating supply currently stands at 589,249,765,968,242 SHIB. Out of this, the circulating supply is pegged at 584,556,551,143,300 SHIB, with the remaining SHIB staked. SHIB Burn Chart | Source: Shibburn Given that scarcity remains critical to driving up the price of any product, the idea of removing such volume from circulation is to see if SHIB’s value would rebound. While the amount incinerated is small considering the circulating volume, the community consistently engages in such exercise to regulate supply and price. Over time, this could have a significant impact that might become impossible to overlook. That is, when the SHIB burn rate significantly reduces the total supply. SHIB Technical Indicators Flash Early Bullish Signals Interestingly, following the burn exercise, the price of Shiba Inu in the crypto market has witnessed an uptick from its previous levels. As of press time, SHIB was exchanging at $0.00001186, which represented a 3.66% increase in the last 24 hours. The dog-themed memecoin had climbed from a low of $0.00001135 to its current peak price, likely due to the burn mechanism that…
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