- Shiba Inu (SHIB) is changing its growth strategies amid the broader uncertainty and twists of the market.
- Amid a slip in its price, Shiba Inu has seen a visible uptick in its deflationary metric, the burn rate.
- At the time of writing, the burn rate is up by 867.78% with a total of 12,688,018 SHIB sent to dead wallets.
Discover the latest developments in Shiba Inu’s burn rate and its potential impact on the token’s future price performance.
Shiba Inu’s Burn Rate Surge
By dollar valuation, the 12 million SHIB burnt might seem small; however, it marks a story of consistency within the meme coin community. Consistency like this is deemed a pivotal key to achieving its goals of deflating the supply of the digital currency. The latest SHIB removed from circulation has fueled the drop in the total Shiba Inu incinerated to date to 12,688,018 SHIB tokens. Additionally, the Shiba Inu left in circulation is now pegged at 583,076,408,841,878 SHIB, showing a steady growth in deflation overall.
Market Sentiment and Price Performance
The burnt SHIB has several implications for the meme coin, with the ultimate endgame being its contribution to the token’s price growth. However, at the time of writing, Shiba Inu is in a bearish or reverse mode with a 6.57% slump in 24 hours to $0.0000238 despite a significant increase in netflow. This negative growth trend aligns with general market sentiment despite derailing SHIB’s growth toward the $0.00003 price mark. With this turn of events, market observers are keen on seeing where the latest burn rate will crest and whether or not it can influence the price performance of the token moving forward.
ShibaSwap’s Role in the Burn Rate
It is worth noting that the presence of ShibaSwap is increasing the odds of a transaction boom as well as an increase in the total tokens sent to the burn address. Shiba Inu has continued to maintain optimism regarding its prospects to hit 1 cent. The community is hopeful that the staking potential and the incoming burn portal will contribute to this milestone.
Conclusion
In conclusion, Shiba Inu’s recent surge in burn rate is a significant development in its journey towards deflation and potential price growth. While the current market sentiment remains bearish, the consistent burn rate and the role of ShibaSwap provide a glimmer of hope for the SHIB community. Market observers will be closely watching the burn rate and its impact on SHIB’s price performance in the coming months.
