Shiba Inu is seeing a sustained uptrend in its burn rate of over 2,000%
After a rout rattling the larger crypto ecosystem the previous week, Shiba Inu (SHIB) is experiencing a persistent upswing in its burn rate. Shibburn data indicates that the SHIB burn rate has increased by 2,452.51% over the past week, demonstrating stability in this parameter.
Shiba Inu and the several bank failures that have troubled the industry over the past week are unrelated, but the general attitude helped drive down the price of the meme coin. Instead of driving the token price down, the Shiba Inu ecosystem has seen a slow but steady increase in transactions, causing the burn rate to increase.
Within the last 24 hours, 602,508,566 SHIB have been burned, supporting the token’s deflationary stance. The asset’s price has increased due to the burn rate; it is trading at a spot price of $0.00001062, up 5.71% over the last 24 hours. Shiba Inu is expected to reduce the losses incurred during the WTD period with the present rebound of its price appraisal.
SHIB/USD 4-hour chart | Source: TradingView
The Layer 2 blockchain protocol of Shiba Inu, the Shibarium protocol, debuted its highly anticipated beta over the weekend, sparking massive whale transaction activity on the network. Shibarium’s emergence impacts the burn rate because it causes a proportional amount of SHIB to be burned with every transaction.
Although many different protocols in the Shiba Inu ecosystem are intricately connected, Shibarium will soon serve as the foundation for bringing out the utility in all of these tokens. Investors and traders will monitor SHIB and its related measures now that the new plan is in effect.
- Shiba Inu Burning Mechanism Struggles To Beat Enormous 590 Trillion Supply
- Shiba Inu Is Winning The Crypto Meme Coin Dogecoin Race In 2023 With Over 23% Gains
- Shiba Inu Traders Are Conducting Their Activities Like Business As Usual