The popular cryptocurrency inspired by memes, Shiba Inu (SHIB), has seen a significant increase in burn rate in the previous 24 hours, with over 24 million SHIB tokens burnt. This is a stunning development for the SHIB community. Data from Shibburn, a platform that monitors token burn activities, shows that the burn rate increased by an astounding 241.86% in this little time frame.
In the cryptocurrency world, “token burning,” which is the purposeful removal of a particular amount of a coin from circulation by moving it to an unreachable wallet, is sometimes seen as a positive indication. This sentiment’s reasoning is based on the idea that token burns both strengthen the ecosystem surrounding the corresponding digital asset and make the currency more deflationary, which might increase its value.
Will SHIB price rebound?
There has been conjecture in the community about the possible effect of the increase in SHIB token burning on the price. As of right now, the meme currency is trading at $0.00002268, down slightly from the previous day. Nevertheless, a more worrisome picture emerges from the larger trend, since SHIB has declined significantly over the previous 30 days by 19.82%, indicating a generalised pessimistic mood.
Even with the recent spike in token burning activity, it is unclear if this change will be enough to stop the SHIB price’s declining trend. Token burns may undoubtedly provide a coin upward momentum, but their effects are frequently impacted by a wide range of variables, including as investor confidence, market mood, and larger industry developments.
Ultimately, Shiba Inu is still the centre of attention as everyone keeps a careful eye on any new changes. The SHIB army is waiting to see if the meme coin’s significant burn rate spike will result in real price increases or if further catalysts are needed to break through the present bearish mindset.
