Shiba Inu burn rate rises 40% on Christmas Day, price rises 3.5%
Shiba Inu burns have increased in the 24 hours leading up to Christmas in the Shiba Inu environment. According to Shibburn, a Shiba Inu burn tracker, 41.87% more Shib tokens were burned in the 24 hours compared to the previous one.
Increased Shiba Inu Burn Rate Pushes Price Up
Shibburn reports that millions of SHIB were burned in 24 hours. Shiba Inu holders burned 7,309,654 SHIB tokens in 24 hours. Tokens are burned when transferred to one of three SHIB burn addresses. Shibburn’s data indicates that burns ranged from 6,387 to 4,326,195 SHIB tokens.
Although not significant, the increased burn rate seems to have boosted the price of SHIB. This is because the price of Shiba Inu has increased by 3.5% in the past 24 hours, improving its performance in the market on Christmas Eve and Christmas Day. This increase in activity suggests that the price of SHIB may resume its positive trend.
How long can SHIB burns push up the price of Shiba Inu?
SHIB burns reduce the supply of Shiba Inu, increasing its value over time. SHIB burns provide environmental benefits beyond reducing the supply.
For example, SHIB burn activity indicates the activity of Shiba Inu traders. High periods or spikes in SHIB burn generally boost network traffic and prices.
Shiba Inu ecosystem efforts like ShibaSwap and Shibarium also contribute to burning SHIB. Shibarium burns SHIB tokens generated from BONE layer 2 gas costs.
In the past 24 hours, Shiba Inu has risen by 3.5% to $0.00002305. The meme coin has fallen by 10.71% in seven days.