Shiba Inu has recorded a jump in token burn rates drawing the attention of the community amid new developments. The weekly SHIB burn rate spiked 244% after a whopping 389.5 million tokens were removed from circulation. The asset’s price has traded sideways in the last 24 hours amid a slight recovery from the wider market.
SHIB Burn Rate Surges 244%
The Shiba Inu ecosystem has marked another week of increase in the burn rate igniting several projections. In an update on X (formerly Twitter), the community was informed of recent changes to the token supply. This week, the network burned 389.2 million SHIB tokens marking a 244.2% growth. Daily SHIB burn rate spiked over 2,600% with over 280 million tokens cut off the circulation.
“HOURLY SHIB UPDATE, $SHIB Price: $0.00001429 (1hr 0.93% | 24hr 1.93% Market Cap: $8,444,432,466 (1.97%)
Total Supply: 589,271,921,380,292 TOKENS BURNT
Past hour: 250,000,000 (1 transaction)
Past 24Hrs: 280,487,394 (2600.24% )
Past 7 Days: 389,544,349 (244.22% )”
Token burns are notable for igniting bullish projections because of the reduction in supply. This principle has been adopted by most projects seeking an uptick in price. On Aug 30, the SHIB burn rate soared 28,000% alongside a major futures listing. At the time, the weekly rate stood at 301% with widespread optimism of the ecosystem.
What’s Next For The Asset’s Price?
SHIB’s burn rate has led to previous price projections, especially in times of bullish market sentiment. Although the crypto market remains shaky after the last correction, users expect slight upticks in September. This is largely due to the anticipated September Fed rate cuts amid slowing inflation.
Rate cuts are tipped to attract growth in cryptocurrencies because investor funds will flow to risky assets. Further growth is also anticipated in the ecosystem following the recent SHIB community vote tipped to increase user participation. At press time, Shiba Inu trades at 0.00001484, a 1.1% drop in the last 24 hours extending weekly exits to 11%.
Hi everyone in the #ShibArmy
Please read everything in Shytoshi’s blog post. It is of tremendous importance for the future of $SHIB and the whole ecosystem!#crypto #decentralized #shibarium https://t.co/Zn9o2pktYv
— SHIB INFORMER (@ShibInformer) August 31, 2024
David Pokima
David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/shiba-inu-weekly-burn-rate-spikes-whats-next-for-shib-price/
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