Shiba Inu’s burn rate surged by 14,500%, with 33.2 million SHIB burned in 24 hours, raising optimism for potential price growth.
A total of 66.58 million SHIB tokens were burned over the past week, contributing to long-term price expectations.
Recent ecosystem upgrades for Puppynet and Shibarium are driving investor confidence despite SHIB current price consolidation.
The burn rate of Shiba Inu has increased dramatically over the last 24 hours, a 14,500% increase. Data from the community's burn tracker, Shibburn, shows that over 33.2 million SHIB tokens were burned, a significant increase over earlier estimates.
Consequently, the price of SHIB may eventually reach $0.001, as some token owners hope. However, market analysts caution that this will take time. Despite the general market volatility, the abrupt increase in the burn rate has highlighted the meme token's growth potential.
https://twitter.com/shibburn/status/1835896646967693788 Weekly Burn Data Shows Consistent Activity
Notably, a total of 66.58 million SHIB tokens have been burned in the last seven days. The law of supply and demand is in line with the consistent rate of burns, which many believe will raise the token's price.
Besides, there is a growing expectation that the value of Shiba Inu will rise as their supply declines. There are currently 589.27 trillion coins in circulation for Shiba Inu, but more burns of this kind are thought to be necessary to improve the cryptocurrency's long-term price outlook.
In addition to burn rates, investor confidence has been further bolstered by recent developments within the Shiba Inu ecosystem. Puppynet, a crucial component of the ecosystem, is reportedly going to get significant updates..
Additionally, improvements to Bor, a critical component of the Shibarium network are scheduled for the near future. The Shiba Inu project is moving forward according to its roadmap, and this could have a big impact on the token's price movement in the upcoming months.
Shiba Inu Price Consolidation Continues
However, the price of SHIB has not changed much in spite of the steep increase in burn rate. SHIB's price dropped by 0.4% at the time of reporting, closing at $0.00001329. Over the last week, the token's price has been fluctuating sideways; it has dropped 1.5% over the previous seven days and 0.54% over the previous month.
Furthermore, Shiba Inu's futures open interest increased by 1% to $24.30 million, according to Coinglass data, indicating that people are still interested in the token despite its recent price swings.
The post Shiba Inu Burn Rate Jumps by 14,500%, Sparking Optimism in Token’s Future appeared first on Crypto News Land.
