Shiba Inu Burn Rate Crashes 98.79% With Less Than 1 Million tokens Burned


20 Nov 2023 5:00 PM

The majority of cryptocurrencies have started to turn green in terms of their price movement, which has led to Shiba Inu seeing gains of 2%....

  • Shiba Inu (SHIB) has seen a 2% gain in price over the past 24 hours.
  • However, the SHIB burn rate has plummeted by over 99% in the same period.
  • The purpose of burning SHIB tokens is to reduce the circulating supply and increase their value.
  • Only 983,884 SHIB tokens were burned in the last 24 hours, compared to 81.26 million tokens burned the previous day.
  • This decline in burn rate raises concerns about downward pressure on SHIB's price in the short term.
  • The reduction in burn rate has been ongoing, with a decline of 37.12% in October compared to September.
  • Despite the decline in burn rate, SHIB is still up by 23.75% in the past 30 days, trading at $0.000008687.
  • SHIB burns will be crucial for the cryptocurrency to reach the $1 mark and decrease the total supply.

The sentiment in this article is mostly negative. It highlights the decline in the SHIB burn rate and raises concerns about its impact on the price of SHIB tokens. However, it also mentions the positive price movement of SHIB in the past 30 days.

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You May Ask

What is the purpose of burning SHIB tokens?How much did the SHIB burn rate decline in the last 24 hours?What is the current price of SHIB?How does the decline in burn rate affect the likelihood of downward pressure on SHIB's price?What role do SHIB burns play in reaching the $1 mark for SHIB?

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