- Discover the notable increase in burned Shiba Inu despite a quiet trading weekend.
- However, the price has also not been in its best shape.
- SHIB burn rate has spiked by 150% in the last 24 hours.
Recent observations on the Shiba Inu network have revealed a noteworthy rise in the number of coins being burned, despite a relatively quiet weekend trading session. The burn rate of SHIB has experienced a remarkable increase, doubling to reach an impressive 150%. Token burning involves intentionally removing tokens from circulation, thereby reducing the overall supply.
In the case of Shiba Inu, the surge in the burn rate over the weekend holds the potential for positive price movements in the coin. With a reduced supply, each remaining token may experience an increase in price, assuming demand remains steady or grows.
Source: Shibburn
Shiba Inu price in the red amidst rising burn rate
However, it is worth noting that Shiba Inu is currently facing challenges in the market. The recent Poly Network hack led to the sale of over 90 billion Shiba Inu, exerting significant selling pressure. Despite this, the coin has demonstrated resilience, as its price has remained stable at the usual level of $0.0000075.
This price stability, despite the increased selling pressure, suggests a healthy level of liquidity for Shiba Inu on the market. The heightened burn rate, coupled with this resilience, sets the stage for a potential substantial price surge in the near future.
However, it is crucial to closely monitor the consequences of the recent hack and track wallets associated with the exploiter. As is customary in the realm of cryptocurrencies, exercising caution is vital. The market is renowned for its volatility and susceptibility to various influencing factors. Investors should remain informed and only invest funds they can afford to lose.
