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- 🚀 ETH jumped to $4,600 this morning, up 8.69% in 24h!
Just shy of the $4,891 ATH—think it breaks through?
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Shiba Inu starts the new week green: Increase in burn rate may keep the price higher!
Shiba Inu (SHIB), one of the hottest dog-themed meme coins in the cryptocurrency market, is making a great effort to reverse the dominant bearish trend and chart a positive growth trajectory throughout the week. According to data from Shibburn, a total of 12,508,216 SHIB tokens have been sent to dead wallets in the past 24 hours. Thus, the burning rate was determined as 810.98%.
Burning continues
According to Shibburn data, more addresses were recruited this time to contribute SHIB tokens set to be burned. The largest single address contributing to the dead wallet burned more than 6.1 million SHIB tokens, while other top wallets contributed 4.59 million and 1.7 million SHIB tokens, respectively.
Token burning has always been considered a unique metric that is crucial to the Shiba Inu ecosystem. Although its impact is not felt in the short term, it is designed to gradually and permanently remove a significant portion of the token supply from circulation.
This move to reduce the circulation of the Shiba Inu is designed to help increase the price in the long run through the shortage that will be brought. To make up for this shortage, Shiba Inu developers are working relentlessly on the Shibarium Layer 2 protocol on the testnet called Puppynet.
The Shibarium protocol was developed to support the rise of numerous apps and smart contracts with tailored solutions that will not only attract users but also increase interest in the SHIB token in the long run. With a healthy balance of higher demand and decreasing supply, the price increase is expected to have obvious benefits in the long run.
Price effect of combustion rate
The burning rate experienced a 3.28% increase. The Shiba Inu is trading around $0.000007209 at the time of this writing. Therefore, it can be said that these transactions contribute to the price for now. SHIB traded at $ has a positive effect on its price.
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