Shiba Inu (SHIB) has seen a sharp drop in price since the opening bell today, following what appears to be an unsustainable run of gains earlier this week. Official account: Breeze blows over a lake At the time of writing, the memecoin is trading at $0.00001083, down 2.72% in the past 24 hours and over 4.5% in the past seven days.
However, the meme coin could see a gradual recovery from its currently bearish price outlook as its key metric, the burn rate, is currently at weekly highs. While the coin destroyed a total of over 28 million tokens yesterday, today’s growth rate has reached a whopping 1,108.88%, with over 35.11 million tokens being sent to dead wallets.
One of the three core effects of a large burn rate on SHIB's price is that market bulls can hide behind bullish token burn indicators and continue to accumulate in anticipation of a major recovery in the near future. Public account: Breeze over a lake Second, SHIB may maintain significant resistance and trade in a range as current holders may choose to demonstrate their trust by not selling.
Lastly, the burn rate will continue to serve as a primary signal for potential whales and even retail investors to consider accumulating tokens as an insurance policy for a token with positive on-chain fundamentals.
Go beyond the norm
One of the core goals of the Shiba Inu Protocol is to drive mass adoption of meme coins and potentially become one of the most integrated digital currencies among mainstream businesses.
By consistently building strong partnerships, offering a range of giveaways to show gratitude to the community, Shibarium has certainly gone above and beyond to bring its ideology to the forefront. The digital currency’s pivot to support layer 2 gear through Shibarium will further aid its relevance in the most innovative protocol in the Web3.0 space today.
