1000% Surge in Shiba Inu Burn Rate Sets SHIB Price on Bullish Path

1000% Surge in Shiba Inu Burn Rate Sets SHIB Price on Bullish Path

Shiba Inu (SHIB) has experienced an impressive 1088% surge in its burn rate, coinciding with a 4.5% price increase.

The burning process involves sending tokens to a dead wallet, permanently removing them from circulation.

The live price of Shiba Inu (SHIB) today is approximately $0.000015, with a 24-hour trading volume of USD 307 million. It’s worth noting that SHIB has experienced a 6.22% increase in the last 24 hours.

Nearly 100,000 tokens have been burned, bringing the total burned since inception to 410.72 trillion. While increased burn rates typically reduce supply and can boost prices, historical data shows that this correlation isn’t always straightforward, according to Zycrypto.com.

However, the recent price increase indicates growing demand, which, combined with the rising burn rate, could further boost SHIB’s value.

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Additionally, SHIB’s Sharpe ratio has improved, suggesting better profitability for investors. The 4-hour chart shows SHIB trades within an ascending channel, indicating consistent buying interest.

William Ross
About William Ross 264 Articles
I am a cryptocurrency enthusiast and writer with over five years of experience in the industry. I have been following the development and innovation of Bitcoin and Ethereum since their inception, and I enjoy sharing my insights and analysis with readers. I have written for various reputable platforms, such as CoinDesk, Cointelegraph, and Decrypt, covering topics such as market trends, regulation, security, and adoption. I believe that cryptocurrency is the future of finance and technology, and I am passionate about educating and informing people about its benefits and challenges.

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