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.
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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.
