Shiba Inu (SHIB) Skyrockets 8,596% in Major Metric
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Shiba Inu (SHIB) experienced a massive increase in one of its most important metrics: in the past 24 hours, the token burn rate has skyrocketed by 8,596.57%. SibbarnThis latest token burn comes at a time when SHIB price is struggling to gain momentum.

During this time, over 17.7 million Shiba Inu tokens have been burned. Additionally, approximately 410 trillion coins have been burned from the initial supply. As of this writing, SHIB has a circulating supply of 583 million tokens.

By sending all these coins to dead wallets and reducing the amount in circulation, the Shiba Inu team aims to have a positive impact on the price and market cap. It will also help make the SHIB ecosystem more efficient and sustainable. Additionally, burning more SHIB tokens will increase the scarcity of the coin.

This creates an imbalance between supply and demand, making the token deflationary in nature, which may result in an increase in the price of the coin in the long term, although this is not a guaranteed scenario as other factors also come into play.

SHIB Price Outlook

The 8,596.57% increase in token burn rate is significant, but has not yet impacted SHIB price. Meme Coin Shiba Inu price is trading at $0.00001685, down 1.76% over the past 24 hours. However, Shiba Inu price has plummeted 32.80% over the past 30 days.

This is a significant drop in price and is causing anxiety in the community. SHIB Mirror’s current bearish trend Broader Market SentimentThe cryptocurrency market remains at low levels due to certain macroeconomic concerns.

It will take more than an increase in the token burn rate for SHIB price to recover from current levels. Furthermore, since the token burn event will have long-term effects, we may not see any major fluctuations in the coin’s price in the short term.

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