News
Over 24 million Shiba Inu (SHIB) tokens destroyed
Cover image via www.freepik.com
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not responsible for any financial losses incurred while trading cryptocurrencies. Conduct your research by contacting financial experts before making any investment decisions. We believe all content is accurate as of the date of publication, but some offers mentioned may no longer be available.
In a surprising turn of events for the Shiba Inu (SHIB) community, over 24 million SHIB tokens have been burned in the past 24 hours, marking a substantial increase in the burn rate of the popular meme-inspired cryptocurrency. The data, coming from Shibburn, a platform dedicated to monitoring token burn activity, indicate a staggering 241.86% increase in burn rate during this short period.
Token burn, a process in which a certain amount of a coin is deliberately removed from circulation by sending it to an inaccessible wallet, is often seen as a bullish indicator within the market. cryptocurrency space. The logic behind this sentiment lies in the belief that token burns help make the currency more deflationary, thus potentially increasing its value, while at the same time fostering a healthier ecosystem for the respective digital asset.
Will SHIB price rebound?
The surge in SHIB token consumption has sparked speculation within the community regarding its potential impact on the price. Currently, the meme coin is trading at $0.00002268, registering a marginal decline of 0.25% over the past 24 hours. However, the broader trend reveals a more worrying picture, with the SHIB witnessing a significant decline of 19.82% over the past 30 days, indicative of the prevailing bearish sentiment.
Despite the recent increase in token consumption activity, questions remain as to whether this development will be enough to reverse the SHIB price’s downward trajectory. While token burns can certainly impart bullish momentum to a coin, their impact is often influenced by a multitude of factors, including market sentiment, investor confidence, and broader industry trends.
Ultimately, all eyes remain on Shiba Inu as the community closely monitors further developments. The Army SHIB awaits whether the substantial increase in burn rate for the memetic currency will result in tangible price gains, or whether additional catalysts will be needed to address the current bearish sentiment.