Shiba Inu (SHIB) Prints 104% Burn Rate Surge, Price Drops 3%

Shiba Inu sends over 12 million SHIB to dead wallets in first deflationary move for November

Shiba Inu (SHIB) Prints 104% Burn Rate Surge, Price Drops 3%
Cover image via www.freepik.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Shiba Inu (SHIB) is picking up momentum as concerns its burn rate metric after it recorded its lowest daily plunge in weeks. Data from Shibburn reveals that a total of 12,143,493 SHIB have been sent to dead wallets in the past 24 hours, a figure that represents 105% growth from the previous level. With this jump, Shiba Inu is reinstating its status as a deflationary protocol.

Based on the Shibburn figure, at least three distinct wallets were involved in sending more than one million SHIB to dead wallets, with figures ranging from 1,406,204 to 4,747,015. 

SHIB Burn Chart. Source: Shibburn

The price of Shiba Inu is, however, not reflecting this current burn rate surge as the token is currently trading at $0.000007676, down by 3.67%. Though the price is moving in the opposite direction from the positive burn rate, there is proof of sustained buying interest, as showcased in the 40% jump in trading volume to $161,683,039.

With the mixed performance signals, we can expect some impacts in the short term that may help trigger price recovery across the board.

Place of Shibarium

It is difficult to talk about Shiba Inu’s performance today without mentioning the role of Shibarium, its Layer-2 scaling solution. Shibarium serves as another channel to burn SHIB, and with the growth of decentralized applications and NFT marketplaces, it is helping to drive the mainstream adoption of SHIB through increased demand.

Shibarium currently boasts of a daily transaction count of 21.39K and as an added utility outfit, it can play a key role in driving not just the price of its native token BONE, but that of SHIB and other assets within the ecosystem.

Shiba Inu is a token with different facets, and the current uptick in burn rate might set the stage for a bullish November.

About the author

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *