Shiba Inu Coin burn rate surges 530%, sparking market optimism for SHIB price increase
Shiba Inu’s (SHIB) burn rate has spiked significantly over the past 24 hours, rising by approximately 530%. According to data from Shibburn, this increase means that 37.53 million SHIB tokens were removed from the circulating supply. A notable contributor to this surge was a transaction that destroyed 10.02 million SHIB tokens.
The cryptocurrency community has reacted to this dramatic increase in burn rates with high optimism about SHIB’s price prospects. Token burning effectively reduces the supply of a cryptocurrency, triggering an increase in demand and pushing up the price. Therefore, this strategic burning mechanism is designed to increase the long-term value of SHIB.
Shiba Inu’s development team is actively working to maintain and increase the value of the token. Notable among these efforts is a statement from lead developer Shytoshi Kusama. He revealed that revenue generated from in-app purchases of the Shiba Eternity Web3 game will be used to support further burning of SHIB and LEASH tokens.
Current market conditions
As of the latest update, SHIB’s price is down around 3% from the previous day, trading at $0.00001797. The price fluctuated significantly, with the highest price in 24 hours being $0.00001896 and the lowest price being $0.00001784. Additionally, SHIB futures open interest fell 13.5% to $33.97 million, highlighting the volatile nature of market conditions.
in conclusion
The Shiba Inu community remains hopeful, and a fivefold increase in burn rate, coupled with strategic moves and gaming revenue leverage, could drive SHIB prices higher. Nonetheless, given the inherent volatility of the cryptocurrency market, investors are advised to remain cautious. Continuing to monitor internal and external market drivers will be key to understanding future price trends. .
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