After a colossal 1.5 billion Shiba Inu (SHIB) tokens were burned recently, the token burn rate for the Shiba Inu cryptocurrency has undergone a startling surge of 30,000%. This unanticipated increase in the SHIB token burn rate occurs at a time when the cryptocurrency market is on the mend, and it may be a sign of a revival in network activity of the overall industry.
A daily burn rate of over 1.5 billion SHIB tokens has the potential to significantly reduce the supply of the token. Given the vast number of Shiba Inu tokens that are currently in circulation (573 trillion), the burning of 100 million SHIB tokens in previous years did not have a significant effect on the value of the asset. On the other hand, if the market were to see a daily burn rate of no less than one billion SHIB, an evident impact might be made.
Potential Surge in SHIB’s Price
There have been a total of 410 trillion SHIB tokens burned up to this point. The price of Shiba Inu has not responded in an expected manner in spite of the significant burning event; rather, it has continued to move within a non-volatile local uptrend. An increase in the pace at which SHIB tokens are burned can be seen as a step in the right direction for the Shiba Inu community.
This is because it will lead to a reduction in the total number of SHIB tokens available for circulation. It is possible that this will, in the long run, result in an increase in demand for Shiba Inu tokens, which will then cause the price of Shiba Inu to climb. Since the Shiba Inu burn rate and its possible repercussions on the market could have a substantial impact on Shiba Inu’s future performance, it is crucial for investors to keep a close eye on both of these factors.
In recent times, the Shiba Inu ecosystem has been confronted with obstacles, as seen by the fact that certain on-chain measures lost momentum despite a price rise of SHIB a few weeks ago. This most recent change to the Shiba Inu token burn rate may indicate an important milestone for the meme token and may also stimulate increased interest among investors.
