[Shiba Inu’s burn rate soars by 1,088%, will the price be affected? 】
Shiba Inu Coin (SHIB) has seen a significant increase in its burn rate this week, which is crucial to stabilizing the coin’s price. According to data from Shibburn, SHIB’s daily burn rate grew by 1,088%, with a total of 98,136 SHIB being removed from circulation, and these tokens have been permanently withdrawn from circulation.
To date, SHIB has burned a total of 410,727,971,296,171 tokens, accounting for a large percentage of the total supply. However, this destruction action has yet to have a noticeable impact on the price. According to data from CoinMarketCap, SHIB price fell 1.5% to $0.00001359 in the past 24 hours, with trading volume also decreasing by 17.7%.
Earlier this month, SHIB’s burn rate surged by more than 4,411%, removing more than 114 million tokens, but these measures have yet to significantly increase the price. Still, the SHIB community needs to explore other ways to stabilize prices, such as promoting Shibarium utilities.
Currently, SHIB is targeting support at $0.0000137, which it hopes will push the price higher.
