Shiba Inu Burn Rate Rises 40% on Christmas Day, Price Rises 3.5%

SHIB burning increased in the 24 hours before Christmas in the Shiba Inu environment. According to Shibburn.com, Shiba Inu's burn tracker, the meme currency has burnt 41.87% more Shib tokens in 24 hours than before.

Increased Shiba Inu Burn Rate Drives Price Up

Shibburn.com reports millions of SHIB burnt in 24 hours. Shiba Inu holders burnt 7,309,654 SHIB tokens in 24 hours. Tokens are burnt when transmitted to one of the three SHIB burn addresses. Shibburn.com data indicates burns ranging from 6,387 to 4,326,195 SHIB tokens.

Although not substantial, the burn rate spike looks to have boosted SHIB's price. This is because the Shiba Inu price rose 3.5% in the last 24 hours, improving its market performance on Christmas Eve and Christmas Day. This rise in activity suggests the SHIB price may resume its positive trend.

How Long Can SHIB Burns Push Shiba Inu Price?

SHIB burns deflate Shiba Inu's supply, which boosts its worth over time. SHIB burning provide environmental benefits beyond lowering supplies.

For instance, SHIB burn activity indicates Shiba Inu merchant activity. High periods or spikes in SHIB burning generally boost network traffic and pricing.

Shiba Inu ecosystem efforts like ShibaSwap and Shibarium also cause SHIB burns. Shibarium burns SHIB tokens generated by layer-2 BONE gas costs.

In the last 24 hours, Shiba Inu has gained 3.5% to $0.00002305. The meme currency has fallen 10.71% in seven days.

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