The SHIB token has seen a massive increase in its burn rate, reaching an astounding 7418% in just one week, burning over 2 billion SHIB tokens. This significant event highlights the token's deflationary nature and its potential to drive up the price.
has once again proven its worth as a deflationary asset with its massive burn rate . In fact, the token’s burn rate registered a multi-fold increase in just one week. But will this push be enough to send SHIB to the moon?The world’s second-largest memecoin shocked investors with its remarkable 7418% increase in burn rate in just a single week. Thanks to the increase, the blockchain’s burn mechanism burned more than 2 billion SHIB tokens.
Generally, a rise in burn rate is considered an optimistic development as it reduces the circulating supply, creating scarcity in the market. By the demand and supply rule, when supply drops and demand rises, prices tend to go up. The burn rate declined slightly over the last 24 hours as the value dropped by over 87%. However, this shouldn’t be much of a concern, considering the 7x increase last week.While the memecoin’s burn rate skyrocketed, its price also gained bullish momentum and surged by 15% last week. But, like its burn rate, its price also dropped in the past 24 hours by more than 3%. After the decline, SHIB was
SHIB MEMECOIN BURN RATE DEFLATIONARY TOKEN PRICE
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Shiba Inu burn rate spikes 6,223%: Can SHIB break resistance for a rally now?SHIB has taken the spotlight with a dramatic 6,223% surge in its burn rate and an impressive price recovery.
Read more »
Shiba Inu jumps on 3,679% burn rate spike – Is SHIB’s rally just getting started?SHIB has experienced a 3,679% surge in its burn rate within 24 hours, sharply reducing its circulating supply and boosting its price.
Read more »
Shiba Inu’s burn rate surges by 254,000% – Good news for SHIB?SHIB’s burn rate recently skyrocketed by a remarkable 254,078%, wiping out 5.63 billion tokens in a single day...
Read more »
Shibarium TVL surges: Impact on Shiba Inu’s burn rate, SHIB’s priceShibarium surpasses 8M blocks, with TVL hitting $4.72M. Can these milestones drive Shiba Inu's sustained price growth?
Read more »
– Will the 1 trillion token burn fuel further gains?BONK crypto more than doubled last week after rallying from $0.000024 to over $0.000050. Will the uptrend continue?
Read more »
How ASI Alliance’s ‘Earn & Burn’ plan could push FET token to $2ASI Alliance's 'Earn & Burn' plan could boost FET's value, while Fetch.AI revealed bullish signs with an inverse Head and Shoulders...
Read more »