SHIB and Price Behavior Amid Burn Rate Decline

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by Giorgi Kostiuk

2 years ago

According to Shibburn data, there has been a significant drop in the Shiba Inu burn rate recently. However, it did not affect the cryptocurrency's price as expected.

Sharp Drop in SHIB Burns

A recent tweet from Shibburn reveals a more than 55% decrease in SHIB burn rate. A total of 9,380,103 SHIB was burned over the past day. The largest single transfer accounted for 8,910,223 SHIB. Moreover, the weekly burn rate also saw a decrease of nearly 35%, totaling 67,808,766 SHIB.

Community Opinion and Price Dynamics

As reported by U.Today, some SHIB community members are urging for an acceleration in the burn process, believing it could lead to a significant price increase. The SHIB team has often indicated that merely increasing Shibarium's utility won't suffice. Yet, SHIB's price rose by 8.2% over the past 24 hours.

Scam Warning by Shytoshi Kusama

The leader of the SHIB developer team, Shytoshi Kusama, tweeted a warning about potential scams related to the new TREAT token. TREAT will play a key role in the SHIB ecosystem, including rewards on the Shibarium DEX and governance in decision-making. Shytoshi warned against falling for fake TREAT tokens.

Don't get scammed!

The decline in SHIB burn rate has stirred the community, yet the moderate price rise suggests complex ongoing ecosystem processes. Amid heightened interest, caution is advised regarding new tokens and scam alerts.

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