Millions of Shiba Inu (SHIB) incinerated in new attempt to drive price growth
The week is opening up with renewed optimism for bulls within the Shiba Inu (SHIB) meme coin ecosystem, as one of the protocol’s key growth metrics is on a bullish trajectory today. According to data showcased by Shibburn, the meme coin’s burn rate is up by a massive 333.44% over the past seven-day period, culminating in the incineration of exactly 181,859,002 worth of the tokens overnight.
The Shiba Inu burn rate is symbolic of many things, all of which point toward positivity for the digital currency. First, the burn rate underscores the relentless efforts of the token to reduce its massive circulating supply. This reduction has an upward impact on the valuation of the token overall.
Additionally, the SHIB burn rate highlights that there is active usage of the SHIB for the fast-growing number of transactions or utilities emerging within the Shiba Inu ecosystem. Per its design, the tokens are cast into the fire when there is active usage, which releases a portion of the fees paid for burning.
SHIB burn rate impact on price
With Shiba Inu struggling for the better part of this month as relates to its price growth, the latest uptick represents another avenue for the digital currency to regain its lost pace.
At the time of writing, Shiba Inu is changing hands at a price of $0.000007368, atop a slight loss of 0.89%. While this represents the general sentiment in the broader crypto ecosystem, the burn rate is projected to lead to a revival that can help upturn the price in the next couple of hours.
The precedent has been set with regard to this, as most of the records of SHIB burn rates have been accompanied by a massive price surge. In all, renewed sentiment around the protocol’s deflationary status and the utility that Shibarium brings are enough to help chart a bullish direction for the protocol this week.
Credit: Source link
