SHIB Burn Rate Surges Despite Shibarium Launch Issues
The SHIB burn rate has experienced a significant increase following the launch of Shibarium, despite the blockchain facing problems during its debut and still being in private mode. The burn rate has risen by 1,108.78% in the past 24 hours, with over 1.046 billion tokens burned.
Main Breakdowns:
- 1,108.78% increase in SHIB burn rate in the last 24 hours.
- 0x4be2 address, associated with the MARSWAP token, is responsible for a significant portion of the burn.
- MARSWAP accounts for approximately 40% of burnt tokens.
- 0xcf6d address, linked to the ShibaSwap LP Token, conducted the largest burn event, burning over 418 million tokens.
- SHIB’s price has not responded positively to the increased burn rate.
Despite the surge in burn rate, SHIB’s price has not shown significant improvement. It continues to trade in the red, with a small increase of 0.16% in the last hour. On the daily chart, it has experienced losses of 1.48%, and on the weekly chart, a significant loss of 21.94%. A recovery for SHIB is unlikely unless Bitcoin’s price rises. However, the relaunch of Shibarium could potentially trigger a turnaround.
Hot Take:
While the increased burn rate of SHIB tokens is intriguing, it has not translated into a positive price response. The market sentiment and overall crypto market conditions seem to have a stronger influence on SHIB’s price. The upcoming relaunch of Shibarium may hold the key to a potential recovery. Crypto investors should keep a close eye on both the burn rate and the Shibarium relaunch to gauge the future trajectory of SHIB.
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