• 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

XRP Price Shows Signs of Recovery After Significant Dip

chest

XRP price has rebounded after hitting a low of 116, with increased whale activity and unique addresses on the XRP Ledger.

user avatarMaria Fernandez

Arthur Hayes Attributes Bitcoin Selloff to IBIT Hedging

chest

Arthur Hayes attributes the recent Bitcoin selloff to hedging related to BlackRock's iShares Bitcoin Trust (IBIT), indicating that dealer hedging can lead to significant mechanical selling when market conditions shift.

user avatarGustavo Mendoza

The PASS: New Utility NFTs to Empower Web3 Creators

chest

The PASS has been introduced as a framework for Web3 creator economies, offering Utility NFTs that enable community creation and governance.

user avatarRajesh Kumar

DAOBase Launches to Streamline DAO Data Access

chest

DAOBase has been launched to aggregate data from over 140,000 DAOs into a single search engine, providing insights into governance and treasury activities.

user avatarMiguel Rodriguez

Crypto Market Cap Recovers After Recent Decline

chest

The total crypto market cap has climbed to $2.34 trillion after a 5.68% gain in the past day, despite cautious market sentiment.

user avatarLuis Flores

Vietnam Introduces New Tax on Cryptocurrency Transactions

chest

The Ministry of Finance in Vietnam has proposed a new tax on cryptocurrency trades and transfers, treating them similarly to stock trades.

user avatarArif Mukhtar

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.