• 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

Ethereum Retail Investor Exodus Signals Challenges for Price Recovery

chest

A significant decline in Ethereum retail investor participation has been observed, with active sending addresses dropping to around 170,000, indicating a concerning exodus of everyday investors from the Ethereum network.

user avatarLuis Flores

Steak n Shake Teams Up with Fold Holdings for Bitcoin Rewards

chest

Steak n Shake partners with Fold Holdings Inc. to launch a Bitcoin rewards program.

user avatarTando Nkube

HUT Stock Rises 25% Following AI Partnership Announcement

chest

Hut 8's stock price surged by 25% in premarket trading on December 17, 2023, following the announcement of its partnership with Anthropic and Fluidstack.

user avatarArif Mukhtar

Exodus Unveils New USD Stablecoin on Stellar Blockchain

chest

Exodus has introduced a new USD stablecoin on the Stellar blockchain, developed in collaboration with MoonPay and M0.

user avatarMaria Gutierrez

Marshall Islands Implements UBI Project on Stellar Blockchain

chest

The Republic of the Marshall Islands has initiated a universal basic income project utilizing the Stellar network's blockchain technology.

user avatarAndrew Smith

Stellar Joins New Payment Consortium to Standardize On-Chain Payments

chest

Stellar joins a new payment consortium to standardize on-chain payments across various blockchain networks.

user avatarJacob Williams

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.