CandleFocus Shiba Inu (SHIB) Burn Rate Skyrockets 8,193%, Price Lifts Off
2024-09-11
Author: Content Editor
The Shiba Inu (SHIB) ecosystem has seen a surge in activity in the past 24 hours as volatility in the cryptocurrency market continues. The burn rate, a key metric of SHIB's deflationary mechanism, has spiked by 8,193%, removing 3,106,197 SHIB tokens from circulation. This surge in burning tokens has had a positive impact on the price initially, with SHIB experiencing a brief rebound before dropping again. At the time of writing, SHIB is trading at $0.00001324. The lack of sustained price performance suggests that other market factors may be influencing the coin's value. Analysts attribute this to the bearish outlook in the broader crypto market. Despite this, the SHIB team has introduced a new portal, ShibDev, to support developers building on the Shibarium platform.
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