Shiba Inu (SHIB) Sets a New Deflationary Milestone with Over 105 Million Tokens Burned
Shiba Inu (SHIB) seems to be setting a new milestone in its deflationary measure, the burning rate, with a significant surge in the number of tokens sent to dead wallets overnight.
According to Shibburn data, the burning rate has surged by 1,327.08%, totaling 105,209,192 SHIB tokens burned. This burning rate reflects network activity and confidence in Shiba Inu’s ability to break some of its most restrictive barriers. The burning rate comes at a time when the price of Shib Inu succumbs to general market downward pressure, providing additional evidence that the protocol’s burning rate growth is inversely correlated with price movement on most occasions.
Trading at $0.000008748, a 1.3% decrease over the past 24 hours. This unique capital inflow will further complement the current 70% jump in trading volume, which has seen $287,371,698 traded on exchanges thus far.
However, at present, the burning rate may serve as a channel for entering new capital inflows, which could significantly help correct the dwindling SHIB valuation. At the time of writing this report, Shiba Inu is trading at [current price].
Shiba Inu has had a year full of events. However, its growth trajectory has largely stalled as broader market sentiments have directed investor focus elsewhere. Year-to-date (YTD), Shiba Inu has only managed a modest 5.17% growth, paling in comparison to Bitcoin’s (BTC) over 120% growth.
Seeking a substantial growth rebound
Efforts are being made to rectify this anomaly going forward. It seems that Shiba Inu is doing everything right through pushing Shibarium. The Shiba Inu team’s plans to launch more inساميtive solutions for the community demonstrate dedicated efforts to strengthen the fundamentals for an SHIB surge. These plans, alongside the burning rate, have bolstered SHIB’s upward potential.
Disclaimer: The information provided is not financial advice. Chinwa.tech does not take any responsibility for investments made based on the information provided in this article. We recommend consulting a qualified specialist or financial advisor before making any investment decisions.