Shiba Inu (SHIB) Burn Rate up 1,500%, Price Shows Deference

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God­frey Benjamin

Shi­ba Inu’s burn rate has main­tained pos­i­tive upside with more than 1,500% growth rate

With the broad­er dig­i­tal cur­ren­cy ecosys­tem slid­ing in terms of its val­u­a­tion, the Shi­ba Inu (SHIB) token has seen its price fall as much as 1.13% over the past 24 hours and by more than 3% for the week. The token’s bear­ish growth trend, how­ev­er, is show­ing broad diver­gence from its burn rate, which has remained ele­vat­ed at 1,506%.

Shiba Inu Burn Chart
Image Source: Shib­burn

Accord­ing to data from Shib­burn, more than 3.6 bil­lion SHIB tokens have been sent to dead wal­lets in what can be char­ac­ter­ized as a sus­tained push toward deflat­ing the meme coin’s total supply.

One wal­let account­ed for more than 95% of the total tokens burnt, and while the details of this address remain obscured, it is notably asso­ci­at­ed with some of the mega token burn moves in the Shi­ba Inu protocol.

As dili­gent­ly doc­u­ment­ed by U.Today, Shi­ba Inu has been quite con­sis­tent in its burn actions over the past few months with the sys­tem stay­ing ele­vat­ed most of the time. While the burn rate does not nec­es­sar­i­ly com­ple­ment the token’s price growth, it shows investors that the Shi­ba Inu pro­to­col has inher­ent util­i­ty and fun­da­men­tals that can pow­er growth.

Is diversification favorable for SHIB?

One of the pri­ma­ry goals of Shi­ba Inu at this time is to release the Shibar­i­um main­net, the Lay­er 2 pro­to­col it has been work­ing on for some time now. While still in the test­net phase dubbed Pup­pyNet, Shibar­i­um has been record­ing a num­ber of impres­sive feats, includ­ing a par­a­bol­ic surge in the num­ber of address­es con­nect­ed to the system.

Shibar­i­um was con­sid­ered the per­fect shot at diver­si­fy­ing the Shi­ba Inu pro­to­col, and it is billed to be favor­able in the long term as it will also form a major chan­nel through which the dig­i­tal token is deflated.

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