In a surprising turn of events for the Shiba Inu (SHIB) community, over 24 million SHIB tokens have been burned in the last 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 tracking token burning activity, indicates a staggering 241.86% increase in burn rate during this short period.
In a surprising turn of events for the Shiba Inu (SHIB) community, over 24 million SHIB tokens have been burned in the last 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 tracking token burning activity, indicates a staggering 241.86% increase in burn rate during this short period.
Token burning, a process in which a certain amount of a coin is deliberately removed from circulation by sending it to an inaccessible wallet, is often considered a bullish indicator within the market. crypto space. The reason behind this sentiment lies in the belief that token burning contributes to making the currency more deflationary, potentially increasing its value, while also fostering a healthier ecosystem for the respective digital asset.
Will SHIB price recover?
The increase in SHIB token burning has sparked speculation within the community about its possible impact on the price. Currently, the meme coin is trading at $0.00002268, seeing a marginal decline of 0.25% in the last 24 hours. However, the broader trend reveals a more worrying picture as SHIB witnessed a significant drop of 19.82% in the last 30 days, indicating the prevailing bearish sentiment.
Despite the recent increase in token burning activity, doubts remain as to whether this development will be enough to reverse SHIB’s downward price trajectory. While token burning can certainly inject bullish momentum into a coin, its impact is often influenced by a multitude of factors, including market sentiment, investor confidence, and broader industry trends.
In the end, all eyes remain on Shiba Inu as the community follows developments closely. The SHIB army hopes whether the substantial increase in the burning rate of the coin meme will translate into tangible price gains, or whether additional catalysts will be needed to navigate the current bearish sentiment.
