In the past week, significant burning of Shiba Inu tokens has occurred, yet this process did not lead to a noticeable increase in the burn rate.
Volume of SHIB Burning
According to tracking service Shibburn, a total of 59,405,917 SHIB tokens were burned in the last seven days. The largest transactions consisted of 27,062,451, 10,000,000, and another 10,000,000 tokens. However, the overall burn rate decreased by nearly 42% during this week.
SHIB Price Dynamics
The price of SHIB has surged by 11.52% in a single day, reaching a local high of $0.00001350 before experiencing a slight decline. Currently, the price is $0.00001330.
Factors Influencing Price
The increase in SHIB's price coincided with the rise in Bitcoin's price, which briefly surpassed the $117,000 mark. This growth was fueled by the statement from Federal Reserve Chairman Jerome Powell about a potential decrease in interest rates next month.
Overall, there is substantial burning of SHIB tokens occurring recently, which has not significantly increased the burn rate. However, the price continues to rise due to positive market dynamics.
