Shiba Inu Struggles Despite Token Burn Rumors
Despite the introduction of Shibarium and other notable developments, Shiba Inu’s price has been stagnant. However, there is hope that a potential token burn could turn things around. Rumors have surfaced suggesting that a significant amount of SHIB could be burned this month, which could potentially increase its value.
The speculation originated from a post by Ragnar Shib, who proposed burning “9.25 trillion SHIB this month.” Many crypto enthusiasts believe that such a large burn could reduce the supply of SHIB and boost its price. However, the actual burn rate depends on the activity within Shiba Inu’s ecosystem. Daily transactions on the network have decreased, and only 206.6 million SHIB tokens have been burned in the past seven days, far from the target.
Price Struggles and Market Performance
Since the beginning of the year, SHIB has experienced an 11% decline in price and a nearly 5% drop in the last 30 days. This poor performance has caused Shiba Inu to fall out of the top 15 cryptocurrencies by market capitalization and trade at 89% below its all-time high.
Hot Take: Shiba Inu’s Future Depends on Token Burning
The future of Shiba Inu’s price hinges on whether the rumored token burn becomes a reality. While there is optimism surrounding this possibility, the current lack of activity within the ecosystem raises doubts about achieving the target burn rate. As crypto enthusiasts eagerly await news of a substantial token burn, it remains to be seen if Shiba Inu can turn its fortunes around and regain its position among the top cryptocurrencies.
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