Shiba Inu (SHIB) is a meme-based digital currency that has seen a sharp drop in its price recently. The token, however, has been recording some impressive growth in its key metric, the burn rate. The metric is currently up 1,108.88%, with more than 35.11 million tokens sent to dead wallets. This burn rate is significant as it has three implications for the SHIB price. Firstly, market bulls can hide behind the bullish token burn metric to go on an accumulation streak in hopes of a major revival in the near future. Secondly, holders of the token may choose to showcase their trust by not selling it, leading to strong resistance and trade in a range. Lastly, the burn rate will signal prospective whales and investors to consider accumulating the token for its positive on-chain fundamentals.
Shiba Inu is taking proactive steps to ensure adoption of the token. It aims to drive mass adoption by forming partnerships, offering giveaways and supporting a Layer 2 outfit through Shibarium. This can potentially make Shiba Inu one of the most integrated digital currencies with mainstream businesses. All in all, these are positive developments that can lead to more trust in the SHIB token overall.
Mary King
- 2023-04-12
What Implications has Shiba Inu's Burn Rate for its Price?
Shiba Inu (SHIB)'s burn rate has seen a steep rise, reaching over 1,000%. This article looks at what a burn rate is and its implications for SHIB's price. Find out what steps SHIB is taking to ensure adoption of the token and other key points.
