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- Observe the significant rise in burned Shiba Inu despite a calm trading weekend.
- Nonetheless, the price has not been performing optimally.
- The SHIB burn rate has surged by 150% in the past 24 hours.
Recent analysis of the Shiba Inu network has indicated a significant uptick in the quantity of coins being burned, even during a relatively subdued weekend trading period. The burn rate of SHIB has seen a striking increase, doubling to an impressive 150%. Token burning refers to the deliberate removal of tokens from circulation, which subsequently decreases the total supply.
In the context of Shiba Inu, the increase in the burn rate over the weekend suggests the possibility of favorable price movements for the coin. With a diminished supply, each remaining token could see a price rise, provided that demand remains constant or increases.
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Source: Shibburn
Shiba Inu price declines while burn rate rises
However, it is important to acknowledge that Shiba Inu is currently encountering difficulties in the market. The recent Poly Network hack resulted in the sale of over 90 billion Shiba Inu, creating considerable selling pressure. Despite this, the coin has shown resilience, maintaining a stable price around $0.0000075.
This price stability, in the face of increased selling pressure, indicates a robust level of liquidity for Shiba Inu in the market. The elevated burn rate, along with this resilience, lays the groundwork for a potential significant price increase in the near term.
Nevertheless, it is essential to closely observe the ramifications of the recent hack and monitor wallets linked to the exploiter. As is typical in the cryptocurrency space, exercising caution is crucial. The market is well-known for its volatility and sensitivity to various factors. Investors should stay informed and only allocate funds they can afford to lose.
