According to U.Today, Shiba Inu (SHIB) has seen a significant 243% increase in its daily SHIB burn rate. However, despite this substantial rise, the price of SHIB has remained relatively unchanged, fluctuating slightly within a narrow range over the past two days.
In the last 24 hours, 20,198,590 SHIB were burned, marking a 243.67% increase in the burn rate. However, this increase has not significantly affected SHIB's price, which has remained steady, fluctuating between $0.0000166 and $0.0000172.
Several factors, including market sentiment, could be contributing to the lack of price movement despite the increased burn rate. The overall sentiment in the cryptocurrency market, which could be positive, negative, or neutral, may influence individual token prices. The stagnant price could suggest that other market forces are overshadowing the impact of the burn rate.
The crypto market, led by Bitcoin, experienced uneventful price action over the weekend, with the proportion of Bitcoin traded falling to a 16% low for the year. This lackluster action has also affected Shiba Inu, as reflected in its price.
Lucie, a member of the Shiba Inu team, has reiterated the team's commitment to the growth and development of the project, despite the current market uncertainty. Their focus includes the ecosystem's key tokens — SHIB, BONE, LEASH, and the newly introduced SHEB.
As the Shiba Inu community continues to support SHIB, BONE, LEASH, and SHEB, the market is closely watching to see how these tokens will evolve in the coming days. At the time of writing, SHIB was down 0.27% in the last 24 hours to $0.00001699.