• Shiba Inu (SHIB) has experienced a startling 800% rise in burn rate, resulting in the massive removal of almost two billion SHIB tokens from circulation.
• The increased burn rate could be caused by community-led efforts to decrease the amount of SHIB in circulation.
• Shiba Inu, which was at press time trading for around $0.000007976, has recently endured quite some difficulties and has demonstrated tenacity on the market.
Shiba Inu Burn Rate Increases 800%
The Shiba Inu (SHIB) token has been on a bear trend following the unsuccessful Shibarium launch. SHIB’s value has dropped by 22.3% over the last seven days almost erasing all the last month’s gains.
Burned Tokens
Shiba Inu (SHIB) has experienced a startling 800% rise in burn rate, resulting in the massive removal of almost two billion SHIB tokens from circulation. The cryptocurrency ecosystem is ablaze with rumours and curiosity following this abrupt increase in the burn rate. In the last 7 days, there have been a total of 1,840,593,165 $SHIB tokens burned and 255 transactions.
Possible Causes
The increased burn rate may be caused by a number of circumstances. One of the main causes could be community-led efforts to decrease the amount of SHIB in circulation, which would increase scarcity and thus increase the token’s value.
Price Drop
The price of SHIB has dropped by 22.3% over the last seven days, dropping from $0.00001027 to $0.000007976 in just seven days.
Rebuilding Faith
.Restoring confidence in Shiba Inu The Shiba Inu community may have been motivated to take proactive actions to rebuild faith in the token as a result of the recent disastrous launch of Shibarium , in which more than 1,000 ETH became stranded in the project’s ETH Bridge.