Il burn rate of Shiba Inu it has grown by 3.000% in the last few days, but what impact will it have on prices?
The digital token "meme", currently in the spotlight for its token burn campaign, reached a new burn rate peak a few days ago: Shiba Inu therefore burned almost 200 million coins in a few hours and, according to data from SHIB Burn, the burn rate of Shib tokens it spiked by about 3000% within a day.
Additionally, most of the tokens sent to Shiba Inu's burning wallet come from individual whale accounts. This burning initiative has taken off significantly since the beginning of this month. More than 500 million tokens went out of circulation in the first week. At this rate, it is possible for the burn rate to reach 5000% in a few days.
Even as the utilization rate of Shiba Inu tokens skyrockets, the token is attracting massive investments from individual whale accounts. Last weekend, two whales took over millionaire positions in the Shiba Inu ecosystem.
The former purchased 702 billion SHIB coins worth $ 8,7 million. Another whale, in a first transaction, bought 541 billion tokens worth nearly $ 7 million, according to data from Ethescan.io. However, the new Shiba Inu whale continues to be anonymous, one of the benefits of decentralized finance.
Ma increasing the number of tokens burned on the Shiba Inu protocol will have a positive effect on the price of SHIB tokens?
SHIB has been trading in the $ 0,00001200 range for the past few days. The currency is therefore holding relatively well in a general bear market environment cryptocurrency, with a growth of about 93% in one year. It hit an unprecedented all-time high of $ 0,00004217 at the end of October 2021. However, it continued to decline amid general market volatility, reaching its current price. It is unclear whether the token burn rate increase will push the token closer to its October 2021 peak.
Finally, remember that the token has many challenges to overcome in the coming days if it wants its price to rise. The surge in inflation, combined with the publication of the CPI report and the FOMC meeting, are only part of a complex mosaic ...