- Nowadays, Shiba Inu is in the limelight as its token-burning campaign has created a new burn rate this Monday.
- The meme coin burned almost 200 million in the past day.
If we go through the SHIB Burn data, the burn rate of the tokens has jumped by almost 3000% in the last 24 hours.
Additionally, a large portion of tokens sent to the burn wallet came from individual whale accounts. The burn step has flown off from the start of this month. Over 500 million tokens came into the market in the first week only. If it goes at the same pace, then it is more likely that the burn rate will surpass 5000% very soon.
Despite the burn rate shooting up, the token is taking huge investments from separate whale accounts. In the last week, two whales bought coins valued at millions in the Shiba Inu environment.
As per the data from Ethescan.io.data. a total of 702 billion SHIB worth $8.7 million and 541 billion tokens worth $7 million were bought by both whales respectively. But, the new whale of the Shiba Inu ecosystem remains unknown, one of the advantages of Defi.
After the skyrocketing of the Shiba Inu protocol, will the value of SHIB tokens will be affected positively? This important question is still striking in the minds of many people as the tokens went out for circulation.
Will the Shiba Inu surpass its all-time high?
SHIB is now trading at $0.00001233 after immensely falling to 0.00001198 yesterday. In between this market downturn, SHIB is performing well for its betterment. It touched a fantastic all-time high of $0.00004217 in October 2021. Unfortunately, it fell due to the normal bear market putting a brake on its recent value.
It can’t be spoken that the hike in token burning will take it to its peak in October 2021. It seems like the dream of burning trillions of tokens came true after the current standard. It will be a very vital part of the introduction of ShibsSwap 2.0 and the awaited Shibarium Layer 2. Shiba Inu devs are continuously looking for creative ideas to burn the tokens. Ultimately, the coin has to face many difficulties to beat in the future if its price is to jump.
Source: https://www.thecoinrepublic.com/2022/09/15/shiba-inu-burn-rate-increases-by-3000-whats-its-impact/