Shiba Inu (SHIB) is frantically attempting to reverse its recent bearish trend and create a favourable growth path for the coming week. Shibburn statistics shows that the burn rate for meme coins is now 810.98%, with 12,508,216 SHIB tokens having been transferred to inactive wallets in the previous day.
Shiba Inu burn outlook
Shibburn data indicates that more addresses contributed the SHIB tokens intended for burning this time. Other top wallets also donated 4.59 million and 1.7 million SHIB tokens, respectively, while the highest single address contributing to the dead wallet supplied more than 6.1 million SHIB tokens.
It has long been believed that token burning is a special statistic that is crucial to the Shiba Inu ecosystem. The burn rate is intended to gradually and permanently remove a sizable amount of the token’s supply from circulation, even though it may not have an immediate impact.
Through the introduction of scarcity, this programmed strategy to restrict the supply of SHIB is intended to assist the price increase over time. Shiba Inu developers are slavishly developing the Shibarium Layer 2 protocol, which has gone live on the testnet and is known as Puppynet, to supplement this shortage.
The Shibarium protocol is expected to support the development of multiple apps and smart contracts with customised solutions that will draw users and, in the long run, increase interest in the SHIB token. Price rise is anticipated to be the clear winner over time when there is a healthy balance between increased demand and decreased supply.
Price impact of current burn rate
The price of SHIB has increased by 3.28% and is currently trading at $0.000007209 as a result of the rising burn rate. With this increase, SHIB may be positioning itself for an upbeat and optimistic week.
