SHIB and Price Behavior Amid Burn Rate Decline

user avatar

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.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Kraken Exchange Announces Withdrawal Phase for 13 Assets

Kraken has officially moved into the withdrawal phase for 13 assets, with trading and deposits set to stop on October 23, 2023. Customers are urged to withdraw their remaining tokens before the exchange begins liquidating balances.

user avatarTando Nkube

Cardano's Leios Scaling Plan Unveiled

Cardano has unveiled a detailed roadmap for its Leios scaling plan, targeting significant increases in transaction capacity with a staged approach for adjustments based on real-world performance.

user avatarKofi Adjeman

Cardano's New Scaling Test Reveals Key Performance Metrics

A recent report by Input Output highlights the performance improvements of the Cardano scaling test, focusing on throughput and completion time.

user avatarSatoshi Nakamura

Crypto Market Declines Following Global Selloff

The crypto market faced a significant decline over the weekend, with Bitcoin falling 11%, Ethereum dropping 26%, and Solana decreasing by 28%, following a global market selloff.

user avatarNguyen Van Long

Cardano Developers Launch Public Test Network for Dijkstra Upgrade

Cardano developers have launched a public test network for the Dijkstra upgrade, enabling developers to test and prepare for new protocol rules.

user avatarJesper Sørensen

Tether Introduces New Framework to Enhance Bitcoin Mining Operations

Tether has announced a new initiative aimed at simplifying Bitcoin mining operations by integrating existing equipment through a common software framework.

user avatarRajesh Kumar

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.