• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Shiba Inu: how token burns impact cryptocurrency price

user avatar

by Giorgi Kostiuk

a year ago


In the past 24 hours and over the week, Shiba Inu (SHIB) has demonstrated interesting token burn metrics and how these affect price. With growing interest in the cryptocurrency, it is essential to understand how these processes might influence its value.

Burn rate activity and its implications

According to Shibburn, 2,242,442 SHIB tokens were burned in the past 24 hours, accounting for 81.06%, while 87,892,567 tokens were burned over the week, representing 96.91%. This indicates deflationary mechanisms supporting the token’s value.

Market reaction and outlook for SHIB

Market analysts suggest that the decrease in weekly burn activity may stimulate public sentiment as traders and investors witness community efforts to influence supply and price. The weekly decrease in burn activity might positively affect the price.

The decrease in weekly burn activity suggests that the deflationary mechanisms are effectively at work.Market Analysts

Price forecasts and market dynamics for Shiba Inu

Currently, SHIB is priced at $0.00002811, reflecting a 0.45% increase in the last 24 hours. Although market volume is down by 23.47% to $831.44 million, price appreciation could signal a shift in momentum. The price growth is expected to continue despite the subtle decrease in burn rate activity.

Overall, the current token burn activity and positive market changes could instill confidence in investors regarding SHIB’s continued price growth. This could trigger a price surge if such a trend persists.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Sentient (SENT) Sees 170% Price Surge

chest

Sentient (SENT) experienced a remarkable price surge of 170% on January 23rd, with a market capitalization of 225 million.

user avatarTenzin Dorje

Market Consolidation Shifts Focus to Structurally Relevant Crypto Assets

chest

As market consolidation continues, analysts are shifting their focus toward structurally relevant crypto assets rather than momentum-driven price movements.

user avatarBayarjavkhlan Ganbaatar

Avalanche Presents Value Opportunity with 91% Markdown

chest

Avalanche is currently trading at $13.91, having dropped 91% from its peak of $144, presenting a significant value opportunity for risk-tolerant investors.

user avatarMohamed Farouk

LiveKit Achieves $1 Billion Valuation Following Major Funding Round

chest

LiveKit has reached a significant milestone with a $1 billion valuation following a $100 million funding round.

user avatarDiego Alvarez

LiveKit's Journey from Open Source Project to AI Unicorn

chest

LiveKit transitioned from an open-source project to a billion-dollar company by addressing the needs of large enterprises.

user avatarElias Mukuru

Zelensky Criticizes Europe's Inaction at Davos

chest

Ukrainian President Volodymyr Zelenskyy criticized European nations for their inaction regarding US policies in Venezuela and Iran during the World Economic Forum in Davos.

user avatarKenji Takahashi

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.