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Shiba Inu (SHIB) appears to be setting a new benchmark in its deflationary metric, the burn rate, seeing the number of tokens sent to dead wallets overnight. According to Shibburn data, the burn rate increased by 1,327.08%, amounting to a total of 105,209,192 SHIB tokens that were burned.
This consumption rate is a reflection of network activity and confidence in Shiba Inu’s potential to break some of its most limiting barriers. The burn rate comes at a time when Shib Inu price is yielding to overall bearish pressure in the market, further evidence that the protocol’s burn rate growth is inversely correlated with price action in the market. most of the time.
At the time of writing, Shiba Inu is trading at a spot price of $0.000008748, down 1.3% in the last 24 hours. However, as things stand, the burn rate could serve as a conduit to initiate new capital inflows that can go a long way in correcting SHIB’s dwindling valuation. This capital inflow will uniquely complement the current 70% increase in trading volume, which has so far generated $287,371,698 exchanged on trading platforms.
There is a substantial recovery in growth
Shiba Inu has had an eventful year; However, its growth trajectory has been largely stunted as overall market sentiment periodically shifts investors’ focus. Year-to-date (YTD), Shiba Inu has achieved growth of just 5.17%, a figure that is dwarfed by Bitcoin (BTC)’s more than 120% growth.
Attempts are being made to correct this anomaly in the future. Shiba Inu seems to be doing everything right with his Shibarium drive and the new milestones he is charting. The Shiba Inu core team’s plans to launch more innovative solutions for the community show tireless efforts to drive engagement and return value to users.
These plans, combined with the burn rate, have solidified the fundamentals of SHIB’s abilities to skyrocket just in time for the bull market.
