Shiba Inu (SHIB) burn rate has increased
) by 4,411%, and here is the price reaction.
Shiba Inu (SHIB), a dog-themed coin, has used its internal deflationary regulation mechanism, burning. In the past 24 hours, the burning rate has increased to 4,411.52% with millions of tokens burned.
Shiba Inu burn rate and price reaction.
A total of 1,110,602 tokens were sent to dead wallets, according to Shibburn in its update on X. According to Shibburn’s hourly rate update, the total exact tokens burned in the past seven days is 114,618,006.
This represents a 418.9% increase in the number of tokens removed from circulation and no longer able to be spent.
The burn rate has always been a supply control mechanism for Shiba Inu in an attempt to stabilize the price and possibly force a price rebound. This move has worked as Shiba Inu, at the time of writing, is up 0.24% in price and is now trading at $0.00001411, according to data from CoinMarketCap.
Although the move halted Shiba Inu’s downtrend, the price of SHIB remains below the $0.00001427 it was trading at on Friday. However, Shiba Inu investors are relieved that the price decline has been halted.
Challenges ahead for SHIB price stability.
Typically, the overall goal of a burn mechanism has always been to reduce the total number of tokens in circulation in the hopes that this will cause the meme coin to increase in value. The recent burn rate of 4411% has yielded results, albeit minor ones.
The SHIB community may need to think outside the box to achieve more consistent price stability. It’s worth noting that since its June crash, market analysts say the asset has only recovered a few pips before sliding back down.
Many SHIB on-chain indicators are revealing a bearish trend, and market observers have attributed this to the reason why Shiba Inu has not stabilized or attempted to reach the $0.000015 level.
