Shiba Inu Token Burn Rate Increases as Shibarium Network Usage Grows
The price of Shiba Inu (SHIB) has been falling, but there is hope for a positive impact on prices due to the increased token burn rate. The Shiba Inu team has launched the Shibarium Layer-2 (L2) network, which is seeing steady growth in usage. Data from ShibariumScan shows a 175% increase in network activity in less than two weeks. Token burn is a mechanism that reduces the circulating supply of a cryptocurrency, and if the burn rate continues to rise, it could drive up SHIB prices. The correlation between the growth of Shibarium and the increase in token burn rate suggests a connection between the two trends. This could boost investor confidence and support SHIB price levels.
SHIB Price Prediction: Bulls Defending Support, Bears Threaten Further Drop
On-chain indicators suggest that SHIB could find enough demand to defend the $0.000007 support level. The In/Out of Money Around Price data highlights that many investors have bought SHIB tokens at this level, and an increase in token burn rate could trigger a price rebound. However, if bears push past this support level, the price could drop further. If market FUD subsides, the bulls could push for an upswing towards $0.000010. On the other hand, if the resistance level breaks, the price could quickly reclaim $0.000010. Ultimately, the price of SHIB will depend on market dynamics and the balance between buyer demand and seller supply.
Hot Take: Shibarium Network Usage and Token Burn Rate Could Support Shiba Inu Prices
The launch of the Shibarium Layer-2 network has led to increased usage and a rise in the token burn rate for Shiba Inu. This could potentially have a positive impact on SHIB prices by reducing the circulating supply. The growth in network activity and the correlation with the burn rate suggest a connection between the two trends. Investors may gain confidence in the project, leading to support for SHIB price levels. However, the price is still subject to market dynamics and the actions of buyers and sellers. Defending the $0.000007 support level and overcoming resistance will be key factors in determining the future direction of SHIB prices.
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