The Skyrocketing Burn Rate of Shiba Inu
SHIB, a meme-inspired cryptocurrency, recently saw its burn rate increase by a massive 7,686,774.46% as 8.3 billion SHIB tokens were burned in just one day.
Over $75,000 worth of SHIB, equal to 8.3 billion tokens, were sent to dead wallets on Shiba Inu burn tracking platform Shibburn within 24 hours, sparked by only six transactions.
The Surge and its Causes
While the reasons behind the sudden rise in Shiba Inu’s burn rate are unclear, it coincided with a price surge in various cryptocurrencies, including Bitcoin’s recent crossing of the $40,000 mark.
SHIB’s community burns its token by moving them to dead addresses, effectively reducing its supply in circulation, potentially leading to a rise in price if demand increases.
Potential for Price Rise
Analysts foresee a possible rise in Shiba Inu’s price with growing adoption, especially after key partnerships. Last year, luxury watchmaker TAG Heuer started accepting SHIB and DOGE payments. Meanwhile, HSBC customers can now use cryptocurrencies, including SHIB, to pay their bills and loans through blockchain payments system FCF Pay.
Hot Take: The Future for Shiba Inu’s Price
Shiba Inu’s rapid burn rate and recent partnerships could drive its price up, amid the ongoing surge in the cryptocurrency market.
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