In the past seven days, the weekly burn rate of Shiba Inu has increased by more than 244%, and users expect a price increase in response to the market sentiment.
In light of recent events, Shiba Inu has noticed an increase in token burn rates that has caught the community’s attention. Following removing an astounding 389.5 million tokens from circulation, the weekly SHIB burn rate increased by 244%. In the past day, the asset’s price has fluctuated with a minor upswing in the overall market.
Shiba Inu Increases Burn Rate by 244%
Another week has seen an increase in the burn rate in the Shiba Inu ecosystem, sparking multiple estimates. The community on X (formerly Twitter) was notified of recent adjustments to the token supply through an update. The network burned 389.2 million SHIB tokens this week, representing a 244.2% increase. With over 280 million tokens removed from circulation, the daily SHIB burn rate increased by almost 2,600%.
The current hourly shipping price is $0.00001429 (1 hour 0.93% | 24 hour 1.93%). Market Cap: $1,97%, $8,444,432,466
589,271,921,380,292 in total supply Burns Tokens
250,000,000 in the last hour: 1 transaction
280,487,394 (2600.24%) over the last 24 hours
Current Week: 389,544,349 (244.22%)
Token burns are unique because they spark positive forecasts due to supply decreases. Most projects looking to raise prices have embraced this idea. Alongside a significant futures listing, the SHIB burn rate surged by 28,000% on August 30. There was a general optimism about the ecology at the time, as the weekly rate was 301%.
What Happens To The Asset’s Price Next?
Prior price estimates have been influenced by SHIB’s burn rate, particularly during periods of positive market mood. Despite the recent drop, the crypto market is still unstable, but traders anticipate modest gains in September. This is mainly because inflation is falling, and the September Fed rate cuts were expected.
Rate reductions are expected to stimulate the rise of cryptocurrencies by diverting investor capital to riskier investments. The ecosystem is also expected to grow further after the recent SHIB community vote that was predicted to boost user participation. Shiba Inu is trading at 0.00001484, down 1.1% over the past 24 hours, bringing weekly exits to 11% as of this writing.
