Shiba Inu sees huge surge of 8,596% on one of its most important metrics
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The Shiba Inu team aims to positively impact the price and market capitalization by sending all of these coins to dead wallets and reducing the circulation supply. It also helps in making the SHIB ecosystem more efficient and sustainable. Additionally, burning more SHIB tokens increases the scarcity of the coin.Here’s When Ethereum ETFs Are Going to Launch
It creates an imbalance in supply and demand, which makes the token deflationary in nature. Consequently, it may help in increasing the price of the coin over the long term. However, this is not a guaranteed scenario, as other factors also come into play.While the 8,596.57% jump in token burn rate is significant, it has not left an impact on the price of SHIB yet. As of now, the is trading at $0.00001685, and it is down 1.76% in the last 24 hours. However, the Shiba Inu price has plummeted 32.
This is a huge decrease in the price, and it has caused worry in the community. The current bearish trend for SHIB mirrors The SHIB price will need more than the rising token burn rate to rebound from its current levels. Moreover, token burning events leave their impacts in the long term, so we may not witness any major price movement from the coin in the short term.
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