Shiba Inu (SHIB) holders are witnessing significant positive changes as of November 21, following a remarkable 2200% rise in the token‘s burn rate. This surge has led to the removal of 14.58 million tokens from circulation, raising hopes for an increase in token value. Despite these developments, the price of SHIB has not yet reflected the anticipated growth.
What Factors Contributed to the Burn Rate Spike?
Recent data from Shibburn indicates a staggering 2225% daily increase in SHIB’s burn rate, totaling 14.58 million tokens removed from circulation. The tokens are sent to inaccessible addresses, ensuring they are permanently eliminated. Over the past week, a total of 50.06 million SHIB tokens have been burned.
Will Price Trends Align with Expectations?
In the past day, SHIB’s price dipped by 2%, resting at $0.00002386. Its price fluctuated between $0.00002311 and $0.00002478 within 24 hours. Nevertheless, investors remain optimistic, bolstered by a 30% price increase over the last month.
Key points to note include:
- A 2200% increase in SHIB’s burn rate can potentially lead to price appreciation.
- A total of 50.06 million tokens were burnt in the past week.
- Current price stagnation is not deterring long-term investor confidence.
The significant uptick in the burn rate for Shiba Inu could pave the way for a potential price surge as the balance of supply and demand is closely monitored by investors. Enthusiasts remain hopeful that these developments will eventually translate into market gains.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
