Shiba Inu Burn Rate Takes A Steep Dive: 91% Decrease In 24 Hours

Christian Encila

1 year ago

3 mins read

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Shiba Inu (SHIB) has recently experienced a dramatic decline in its burn rate. This plunge, amounting to a staggering 90.57%, comes at a time when the SHIB token is facing a sharp drop in its market price.

Typically, lower token prices present more extensive opportunities for token burning as it becomes more affordable to acquire additional SHIB tokens for the purpose of destroying them. However, it appears that the prevailing negative sentiment in the market is dampening the burn attempts.

At the time of writing, the SHIB token is trading at $0.00000692 according to CoinGecko, marking a 1.9% decline over the past 24 hours. On a more optimistic note, the token has seen a 1.2% increase in the past seven days. It’s evident that SHIB is experiencing some turbulence in its value.

SHIB 24-hour price action. Source: Coingecko

Shiba Inu: Path To Revival

Yet, Shiba Inu’s burning program is making waves by bucking the trend. In a surprising turn of events, the token’s burn rate surged by over 200%, leading to the elimination of 53 million SHIB tokens and a reduction in its overall supply. This ambitious initiative is part of a strategic effort to make SHIB scarcer and, hopefully, more valuable over time.

Source: Shibburn

The successful execution of Shiba Inu’s burning program has been cited as one of the potential catalysts for a future increase in SHIB token value. The reduction in token supply can create a sense of scarcity, which often drives demand among investors.

Additionally, Shiba Inu’s innovative layer-2 blockchain solution, known as Shibarium, is another factor that could fuel a rally in SHIB’s price.

The Rise Of Shibarium

Shibarium, Shiba Inu’s layer-2 blockchain solution, was unveiled to the crypto world at the end of August, and it has since made significant strides. The network has achieved several remarkable milestones in the months following its launch.

Shibarium’s potential impact on the future of Shiba Inu cannot be underestimated, as it opens up new horizons for this meme-inspired cryptocurrency.

SHIB market cap currently at $4.06 billion. Chart: TradingView.com

As Shiba Inu embarks on its journey to foster innovation and adapt to the evolving crypto landscape, the development of Shibarium stands out as a beacon of hope. The network’s rapid progress and achievements are a testament to the dedication and creativity of the Shiba Inu development team.

If Shibarium continues to hit milestones and gain traction, it could become a driving force behind the resurgence of SHIB’s value, ultimately defying the bearish market sentiment that currently looms over the crypto world.

These factors could potentially set the stage for a remarkable revival in SHIB’s value, illustrating the resilience and determination of the Shiba Inu ecosystem in the face of market challenges.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Coopers Fire

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.