Shiba Inu (SHIB) is a novel cryptocurrency that has been in circulation since 2021. Since its introduction, SHIB has enjoyed great popularity due to its "meme coin" status, as well as its aims to become a large player in the already crowded cryptocurrency market. In the past 24 hours, however, the SHIB burn rate has demonstrated an unprecedented peculiarity - a complete absence of tokens being burned. This anomaly has led to an instantaneous burn rate of -100%, as there have been zero tokens burned in the last day.
Despite this abnormality, the SHIB burn rate has remained consistent in terms of its weekly token burning, with 1.7 billion SHIB burned in the last seven days - a 69% drop from the previous week. Burning tokens is thought to increase the demand for the currency and, in the long run, boost its market price.
This odd behavior in SHIB burning might indicate that the cryptocurrency is transitioning away from its "meme coin" status.Memecoin's boast a certain charm that draws investors looking for quick and volatile gains to their fold. Shiba Inu may, however, be slowly relinquishing its meme coin status, making room for a new era of stability and backed utility.
Yana Long
- 2023-05-12
Is Shiba Inu (SHIB) Making a Transition Away from Its Meme Coin Status?
Shiba Inu (SHIB) is a novel cryptocurrency which has seen large popularity due to its “meme coin” status, however the SHIB burn rate has demonstrated an unprecedented peculiarity by demonstrating a complete absence of tokens being burned in the past 24 hours. Let us examine the possible cause of this anomaly and the subsequent belief that SHIB is transitioning away from its meme coin status.
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