The Shiba Inu burning program made remarkable progress in July, with approximately 380 million SHIB tokens destroyed. However, questions such as how effective these burns are against USD and whether there is an expectation of an increase in SHIB's price are of interest to the crypto community. How might the development of Shibarium affect this situation?
The team behind the popular meme coin Shiba Inu continues to destroy tokens by constantly sending them to unusable addresses. As a result of a total of 178 transactions in July, approximately 380 million SHIB tokens were burned. This process is being carefully monitored by the Shiba Inu community, and cremations are thought to have the potential to increase the value of the meme coin.
The highest amount of burning in July was carried out on July 11, and more than 70 million SHIB were destroyed on this day. This was followed by a burn of approximately 60 million SHIB on July 22. However, although these figures seem impressive, the USD equivalent of burned tokens is quite small. Additionally, July's burn rate decreased by 58.5% compared to June.
Continuous burn efforts may have positive effects on the price of the meme coin. Because a decrease in the supply in circulation could theoretically lead to an increase in value against demand. However, whether there will be a potential increase in the price of SHIB depends largely on the level of demand. According to basic economic principles, demand should remain at the same level or increase.
Shiba Inu Price and Future Prospects
Meme coin has been going through a rough patch lately. SHIB, currently trading at approximately $0.00001583, has lost 4% in value in the last 24 hours. This negative performance is in line with the overall market decline. While Bitcoin (BTC) briefly fell below $64,000, Ethereum (ETH) also dropped to $3,100.
However, some important indicators about the Shiba Inu ecosystem indicate that a recovery may be possible. The Relative Strength Index (RSI) is a tool that measures the speed and change of price movements and determines whether the asset is overbought or oversold. The RSI score ranges from 0 to 100; Generally, a score above 70 indicates that a price correction may be imminent. Currently the RSI is at around 30, indicating that SHIB may be oversold.
A potential price increase of SHIB could also be supported by the development of layer-2 blockchain solution Shibarium. Shibarium, which started operating a year ago, was designed to encourage the development of the Shiba Inu ecosystem. This platform aims to create positive effects on the ecosystem by reducing transaction costs, increasing scalability and improving speed.
During this week, Shibarium passed a major milestone, with the number of blocks processed exceeding 6 million. This development is considered a positive sign for the SHIB community. It is useful to follow Shibarium news for more information and updates about the future of the Shiba Inu ecosystem.
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