In a surprising turn of events, the burn rate of Shiba Inu (SHIB) has experienced a significant surge of 150% within the past 24 hours, despite a relatively calm weekend in terms of trading activity. Token burning, the deliberate removal of tokens from circulation to decrease the overall supply, has gained momentum on the Shiba Inu network.
This remarkable increase in SHIB’s burn rate holds promising implications for its price trajectory. With a reduced supply due to token burning, each remaining SHIB token could witness a potential increase in value, assuming that demand remains steady or grows.
While the surge in the burn rate suggests positive prospects, it’s important to acknowledge the challenges currently faced by Shiba Inu in the market. The recent Poly Network hack led to the sale of over 90 billion SHIB tokens, creating significant selling pressure. Despite this hurdle, SHIB has demonstrated resilience, maintaining a stable price level at approximately $0.0000075.
The price stability in the face of increased selling pressure indicates a healthy level of liquidity for Shiba Inu within the market. The combination of the heightened burn rate and this resilience lays the groundwork for a potential substantial price surge in the near future.
Nevertheless, it is crucial to closely monitor the aftermath of the recent hack and keep a watchful eye on wallets associated with the exploiter. As is customary in the cryptocurrency realm, exercising caution is of utmost importance. The market is known for its volatility and susceptibility to various influencing factors. Therefore, it is advisable for investors to stay informed and invest only funds they can afford to lose.
Compiled by Coinbold
