The Shiba Inu community continues its mission to reduce the token's circulating supply, burning a significant 87.17 million SHIB in the past week. This aggressive burn rate, up 52.74% over the week, aims to increase scarcity and potentially drive up SHIB prices.
Source : shibburn
Burn Rate Fluctuations
While the weekly burn rate shows a positive trend, the 24-hour burn rate has dipped significantly, a common occurrence in crypto markets. These fluctuations are not uncommon and do not necessarily negate the long-term impact of consistent burning.
Source : shibburn
Price Impact
SHIB prices have shown a slight uptick of 1.33% in the last 24 hours, potentially influenced by the recent burn activity. However, the token is still down significantly over the past week and month, reflecting the overall bearish sentiment in the crypto market.
Community Expectations
The community remains optimistic that consistent burning, similar to Bitcoin's halving events, will eventually lead to a significant price increase. The upcoming launch of the TREAT token is also anticipated to generate excitement and potentially boost SHIB's value.
Looking Ahead
Price predictions for SHIB vary, with some analysts forecasting a moderate increase in the coming month. However, it's crucial to remember that the crypto market is highly volatile, and prices can fluctuate rapidly.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. Investing in cryptocurrencies carries significant risks, and investors should conduct thorough research before making any investment decisions.
Source of article : CoinGape
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