Historically, significant token burns have positively impacted cryptocurrency prices, and the Shiba Inu community hopes this recent surge will yield similar results.
Shiba Inu Coin (SHIB) is in the spotlight again with a massive 1000% increase in its burn rate over the past 24 hours, according to Shibburn data. This recent surge saw 37.53 million SHIB tokens burned, including 10.02 million from a single wallet (0xa9d…d3e43).
Burning tokens is a strategy to reduce the total supply of a cryptocurrency. Making the currency scarcer could raise the price. The Shiba Inu community has been actively burning SHIB to boost its value. So far, 410 trillion SHIB tokens have been burned, leaving a circulating supply of 583.31 trillion.
Shiba Inu Burn Rate Fuels Optimism
This sharp rise in the burn rate has sparked optimism among SHIB investors, who hope for a price increase. Historically, significant token burns have positively impacted cryptocurrency prices. The Shiba Inu community hopes this recent surge will have a similar effect.
Adding to the excitement, Shiba Inu’s lead developer, Shytoshi Kusama, announced plans to use revenue from the Shiba Eternity Web3 game’s in-app purchases to support more SHIB and LEASH token burns. This initiative is part of the Shiba Inu project’s strategy to increase token value. They will use the Shibarium layer-2 scaling solution to create more opportunities for token burns.
However, the broader market, investor behavior, and regulatory news will also influence SHIB’s price. The crypto market remains volatile, and investors should proceed with caution. Prices can change rapidly due to various factors, making it essential to stay informed.
Meanwhile, Whale Alert reported that a major investor accumulated 2.2 trillion SHIB from the Robinhood exchange. This shows significant interest from large investors, which can also impact the price positively.
Overall, the Shiba Inu community is hopeful. The increased burn rate and the strategic use of game revenue could lead to a price surge for SHIB. However, it is crucial to consider all market factors and stay cautious in the ever-changing crypto landscape.
